I've had credit crunches in my life. I called it 'grad school.' My friends and family bailed me out. The banks certainly didn't.
In my honest opinion, I believe this whole situation could have been avoided if the banks had allowed people to readjust their mortgages to allow them to keep their homes if they were able to maintain the payments they were making before their ARMs ballooned. I had a brief stint in the mortgage industry 10 years. I never understood how this shit was not gonna hit the fan.
The power brokers in suits simply didn't care. They got greedy. So, I'm not really in favor of the bailout.
But I am in favor of Barney Frank. This was another great Barney Frank moment.
Wall Street, Greed, and our Idiocracy
I've had credit crunches in my life. I called it 'grad school.' My friends and family bailed me out. The banks certainly didn't.
In my honest opinion, I believe this whole situation could have been avoided if the banks had allowed people to readjust their mortgages to allow them to keep their homes if they were able to maintain the payments they were making before their ARMs ballooned. I had a brief stint in the mortgage industry 10 years. I never understood how this shit was not gonna hit the fan.
The power brokers in suits simply didn't care. They got greedy. So, I'm not really in favor of the bailout.
But I am in favor of Barney Frank. This was another great Barney Frank moment.