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Post a Comment On: Steve Sailer: iSteve

"The Mortgage Bubble: The Diversity Cover Story"

7 Comments -

1 – 7 of 7
Anonymous Anonymous said...

Another moronic Bubble article.

Didn't I tell you to stay away from this topic?

7/21/08, 5:47 AM

Anonymous Horatio said...

Let's not forget the Community Reinvestment Act, strengthened by Clinton in 1995. I wonder when housing prices and construction really started taking off?

http://mysite.verizon.net/vodkajim/housingbubble/

7/21/08, 5:49 AM

Anonymous simon newman said...

As far as I can see a borrower who takes out a 100% mortgage in a state where their liability ends once the bank forecloses is not being stupid, even if they over-pay. All the risks are with the bank; the borrower can walk away at any time.

7/21/08, 6:25 AM

Blogger kurt said...

What enrages me is how the FED is using inflationary monetary policy in an attempt to bail out the housing industry and its facilitators. This is an insult to those of us who save a substantial portion of our incomes and who did not participate in the housing bubble in any way, shape, or form.

This is outrageous. It is simply incomprehensible to me that anyone would consider this to be acceptable.

It is clear to me that the parasites (both upper and lower) have infested the American economy and body politic.

7/21/08, 11:23 AM

Anonymous Anonymous said...

This issue isn't going away, and it may get worse. My fiancee is a successful real estate broker here in Orange County, CA. She attends industry meetings twice or more a week. She tells me that the "hot topic" in real estate sales circles is how the US must import more Asians, Hispanics, and other foreigners to get us out of the housing slump.

7/21/08, 11:43 AM

Anonymous Anonymous said...

Requiring a substantial down payment isn't just a test of credit-worthiness; it also provides a margin of safety for lenders. If someone buys a $300k house with $60k down payment and a $240k mortgage and then defaults, the lender only needs to make $240k on the foreclosure sale to break even. That provides a margin of safety against a decline in the value of the house. No down payment, no margin of safety.

Fred

7/21/08, 2:13 PM

Anonymous Anonymous said...

I heard Angelo Mozilo speak at the NEMBC a few years back. I recall him exhorting us on the need to lend to immigrant communities and that it would entail broadening the underwriting guidelines to work around cultural differences: boarder income, extended families under one roof, pooled deposits from the extended-extended families. Lenders were starting to roll out TIN loans at this time.

I couldn't recall the exact year but here's a Countrywide PR piece from September 2002: Emerging Markets, Growth Opportunities & Industry Leadership

I'm wondering if this is the conference where my boss leaned over and said, "what worries me is all the stupid money that's going to flood this industry.

former mortgage banker

7/25/08, 5:28 PM

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