The warnings 10 years ago
Yah, we were warned 10 years ago that giving mortgages to people that can't pay them is a bad idea. Did anyone listen? Nope, not even an adviser to Obama.
posted by Andy in San Diego and Elsewhere at 9/30/2008 08:00:00 AM
1 Comments:
Way back in 1990 or so, subprime mortgages were thriving. You do wonder where everyone's heads were though. If I net $1000/month, is there any way I can afford a payment of $800/month and still live? Don't think so.
And even back in the late 60's friends of Karen were buying houses they couldn't really afford. Then they lived on hot dogs and beans and sat on the floor. So there seems to be nothing new under the sun.
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