Subprime Mortgage Melt Down Primer

Frannie Maeleft a comment

They left out one important, critical factor (and the root cause of the downfall) ~ there were rules and regulations in place that prohibited anyone who could not afford to buy home from qualifying to buy a home. Who changed/relaxed those rules and regulations? Fannie Mae? Who ran Fannie Mae when those regulations were changed? In addition, there were so many other "spill-off" contributing factors that exacerbated the situation, such as the "Get Rich Quick" seminars and books that lured people, corrupt real estate firms and agents, etc. It's dishonest and unfair to blame this financial crisis on poor working people who only wanted a part of the American dream. If they lose their home and have to go back to renting, that won't be a major hardship for them. They've done it before and they can do it again. It's only materialism, anyway, and they never had much to begin with. The people who'll be the hardest hit are our elderly, and those who've worked and saved their whole life, who'll be losing their retirement funds, or those who have no savings and end up losing their jobs. "When we withhold or omit information, it's the same as lying." ~ Author Unknown