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The Water Cooler
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Oh crap!!! Here we go again!!
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<blockquote data-quote="gerhard1" data-source="post: 2641330" data-attributes="member: 5391"><p>I was speaking to a couple of ardent Obamites and mentioned that the Democrats creating sub-prime adjustable rate mortgages was a lot of what caused the collapse of the housing market, as the triggers to adjust the rate upward kicked in and the payments went up and the borrowers could not make the payments.</p><p></p><p>They told me that the borrowers still had the house as collateral so the banks should have made the terms more favorable. What they did not consider, largely because they did not want to was that borrowers have to qualify for more favorable terms. </p><p></p><p>As the number of foreclosures increased, the number of houses on the market rapidly increased, and this increase in supply and and much lower demand, lowered housing prices across the board throwing construction out of work causing a ripple that resulted in the situation that we are in today.</p></blockquote><p></p>
[QUOTE="gerhard1, post: 2641330, member: 5391"] I was speaking to a couple of ardent Obamites and mentioned that the Democrats creating sub-prime adjustable rate mortgages was a lot of what caused the collapse of the housing market, as the triggers to adjust the rate upward kicked in and the payments went up and the borrowers could not make the payments. They told me that the borrowers still had the house as collateral so the banks should have made the terms more favorable. What they did not consider, largely because they did not want to was that borrowers have to qualify for more favorable terms. As the number of foreclosures increased, the number of houses on the market rapidly increased, and this increase in supply and and much lower demand, lowered housing prices across the board throwing construction out of work causing a ripple that resulted in the situation that we are in today. [/QUOTE]
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