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Old 11-24-2010, 06:23 AM
Diver624 Diver624 is offline
Diver624
Location: Long Island, New York
 
Join Date: Jan 2007
Posts: 392
Mein Auto: Porsche 911 Turbo
Quote:
Originally Posted by richschneid View Post
Well then, who was it who sold all those mortages to people under the premise that the price of houses would never go down? Granted they were not professors of finance, they don't work for banks. So, who in your opinion did it? How many of them had MBAs?
Actually i think it was the govt. in the form of Fannie and Freddie that is the root of the mortgage problem and it is Fannie and Freddie that is costing the taxpayer more money than any other bailout and the money will almost certainly not be repaid, ever. It's also interesting that Fannie and Freddie are not being dealt with in any legislation. The banks have responsibility because they bundled garbage loans and sold them as AAA however the main cause of the problem is the govt. that lowered dramatically the lending standards required to get a mortgage.
In any case this is BMW forum so maybe we should get back to discussing the 5 series.
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