"But the lenders were coerced initially by the Federal Government into making those loans."
What drugs are you taking? I'd like some too!
It sounds like you know about 1% of how we got into this catastrophic economic mess. Etiher that or you're friends with the Lehman Bros. execs. Please do more research into who's responsible for this mess that has dragged the world down with us before making uninformed statements like those you posted on Dec. 1. Wall Street and the Banks have had free rein without accountability, and now we all suffer from them having raped us. What do they care? When they lose 50% of their wealth, they're still millionaires. When we do, we're in poverty.
I could not agree more with your statement. We need far LESS government intervention into private business. Government intervention is what got us into this mess; the mortgage crisis caused by the government forcing lending institutions to make risky loans to unqualified purchasers. Suggestion: Create another Resolution Trust Co. like the one used for the S&L crisis and let the banks sell the bad paper at discount in order to get them off their books. For those who purchased homes with artificially low payments and no down payments, they are merely "renters" and that is what they should do, or get into a home more befitting their income level.
— MCBC
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