Do you feel the “bad mortgages” is the real problem or something they are not telling us?
This loaning to bad debt people started under Clinton and George let it ride. They have the statistics of the percentage of the home owners that will default on the loan. Like in the auto industry bad risk people let over 60% of the cars go back. Same way the insurance company operates on statistics.
So a person moves into a home, has a mortgage, water bill, Electric, phone and then also property taxes, which are not small. before these folks might have had to worry about electric or apartment rent or phone bill.
So my point is they have the statistics for over 10-11 or more years and all these people just didn’t “punt” on their homes, it been going on since it started and it’s a certain amount. So is there something else other than the bad debt smoke and mirrors they are throwing at us.
There should be a site that has the actual numbers that default and the amount. I wonder if like Madoff, Stanford and others if there is a bigger problem they don’t want to address that involves $ 70 trillion in loans between the financial people. This housing thing is not new.
What do you think it could be.