"The reality is that at the time most troubled loans were made, the borrowers really could afford it because everyone made $150k per year for the purposes of buying a home."


thetruthfromNC at 16:03 2008-12-15 said:
Some of you still don't get it on how this works. Everyone need to take the time to watch "It's a Wonderful Life" since it's on this time of year.

Just like Ole Jimmy told everyone when they wanted there money out of the saving and loan, that it wasn't there it was in Mr. Smith's house and Mr Wilson's, etc.

Our mortgages aren't in the bank they're in Mr. Smith's 401K and Mr. Wilson's 401K, etc.

If they write down mortgage balances it comes out of YOUR pockets! Permalink

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