| Foreclosures, default notices hit 10-year high. Sluggish sales, rising adjustable mortgages blamed for 802% increase from previous year in homes lost | Subprime loan bailout getting primed...and if so, who pays...banks or taxpayers? | Subprime Bondholders May Lose $75 Billion From Slump | Ohio tries to fend off foreclosures | "Why we shouldn't be bailing out subprime lenders or borrowers" | Freddie Mac & Fannie Mae to the Rescue?
Meanwhile... In Las Vegas, Too Many Hotels Are Never Enough (the headline conceals the fact that part of the current Vegas boom is in condo's... Uh..oh)
2 Comments
i knew the housing bubble had to pop eventually
There's a really good book called "Poverty In America" that mentions that one cause of poverty (and homelessness, specifically) is the practice of predatory lending. The author notes that back in the 50s or even as recently as 20 years ago, no bank would dream of extending credit to a student with no income, or to someone who clearly wasn't going to be able to afford to pay it off. But nowadays credit is pushed on everyone, in every conceivable form, because lenders know that eventually, by hook or by crook, they will get their money. This problem with sub-prime lending reminds me of that. Wonder if we've lost some of our human decency in recent years?
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