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Reply #167: The mortgage companies [View All]

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guitar man Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-07-08 11:54 AM
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167. The mortgage companies
....took a risk when they lent the money. That's what the lending and investment business is whe you boil it down to it's simplest elements. Bottom line is, they got greedy, took bigger and bigger risks until they finally got burned. Kinda like some stock I invested in several years ago, I thought it was going to be a high climber but it went into the toilet. Such is life.

I'm sure the good people that bought those homes would love to stay in them and pay for them, but, $3 gasoline, grocery prices doubling, the dollar falling through the floor etc. while wages and salaries remain stagnant (for those who haven't lost their jobs yet) have taken their toll. The lenders were betting against the aforementioned economic tragedies rendering the borrowers unable to pay. They lost.
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