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What we all know - opportunistic lenders were overeager to lend to overeager borrowers because of the "you're throwing your money away on rent" LIE - and now the FBI is investigating...
What do you do when unwise people end up getting a raw deal from other unwise people, who get a raw deal from the first unwise people? It's interesting that most reports are willing to fault the lenders, which is valid... but there's plenty of fault to go the other way, too.
We've had our own little housing crunch in this area, but we had the fortune and foresight to get out of it to accommodate other priorities well before things hit the fan... because we knew what the terms were and when they would change.
30 January 2008
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