Click the link - this is an excellent, excellent report. Too bad the media didn't report this stuff when it was happening - or when Greenspan was recommending folks get an ARM and Bush was recommending everyone buy a house.
It's too late now. People are in too deep. Foreclosures will soar (and are soaring). Lives are being ruined.
Yes, nobody made these folks buy a house. Noboday made them sign a no-down, interest only teaser rate loan. Nobody made them buy a wildly overpriced bubble home. They made their beds, now they don't get to sleep in 'em.
hat-tip to bpl for the link. Oh, Sam D. doesn't do the report - I just liked the picture.
March 23, 2006
Posted by blogger at 3/23/2006