Megan thinks low-to-no downpayment loans were the biggest mortgage fraud problem, with loans insured by the Federal Housing Administration leading the way.
Ordinary Dave foresees a bloody mess in commercial real estate.
11 hours ago
Tuesday, September 29
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September
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Ten years ago or so I was traveling for the US Air Force. I was in San Diego, taking a shuttle bus to get a rental car.
ReplyDeleteI remember the middle-aged driver saying she was saving up for a new home in San Diego and would be buying the house in the next year or so.
At the time I was making a fair amount of money (Air Force pay plus huge bonuses), probably four times what she was making, and I couldn't afford a house in San Diego, even then. I had no idea how she could afford such a house (now I do; she couldn't but that didn't stop the lender).
That was about ten years ago but I remember it distinctly because it was at that moment I knew something was greatly amiss. I never had any idea how bad it really was. (Of course, it appears no one did, not even Alan Greenspan or Tim Geithner [of course, he had trouble doing his own taxes, in addition to everything else].)
Absolutely incredible. I would assume the Donald is a bit worried about the coming bloody mess in commercial real estate.