Sunday, December 21, 2008

Unaffordable Homes were supposed to make everyone rich, or something

Anyway, as I've said many times... all you had to do was look at home prices, look at incomes, and realize that not enough people actually made enough money to afford those mortgages. If you wanted some confirmation you could look at rent-to-own ratios, as someone did in the Bush White House (and was ignored), and look at what was happening to Option ARM mortgages (negative amortization). Those things were up front and obvious, even if not everything was.

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