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Topic	America is a truly God awful country
FLUFFYGERM 10/20/17 10:55:53 AM #56:	Romulox28 posted... FLUFFYGERM posted... You are definitely misinterpreting that. The collapse in 2007-2009 wasn't a consequence of people just living places. It was a consequence of a lot of people biting off much more home than they could afford or need. The same is true of car loans today. i thought it was more that banks were tricking people into taking on mortgages they couldnt really afford, and then started playing hot potato with the mortgages and bankers tried to get their paydays before the whole thing fell apart when people started defaulting and values dropped Banks were irresponsible with their lending and bad mortgages were bundled together with other assets in a really dangerous way. But it was still primarily a result of loose lending requirements and people buying more home than they could afford. It's like what is happening in Canada. People saw the value of homes skyrocketing so everyone wanted to buy a home because they thought they could flip it in a couple years and make a few hundred thousand. People were very irresponsible. <cite>FLUFFYGERM posted [p:888792383] in America is... [t:75899483]...</cite> <quote><cite>Romulox28 posted...</cite> <quote><cite>FLUFFYGERM posted...</cite> <quote>You are definitely misinterpreting that. The collapse in 2007-2009 wasn't a consequence of people just living places. It was a consequence of a lot of people biting off much more home than they could afford or need. The same is true of car loans today. </quote> i thought it was more that banks were tricking people into taking on mortgages they couldnt really afford, and then started playing hot potato with the mortgages and bankers tried to get their paydays before the whole thing fell apart when people started defaulting and values dropped</quote> Banks were irresponsible with their lending and bad mortgages were bundled together with other assets in a really dangerous way. But it was still primarily a result of loose lending requirements and people buying more home than they could afford. It's like what is happening in Canada. People saw the value of homes skyrocketing so everyone wanted to buy a home because they thought they could flip it in a couple years and make a few hundred thousand. People were very irresponsible.</quote> ... Copied to Clipboard!
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