One important point DeMint made that I don't hear very often is that the flaky loans artificially bloat the value of homes. People then turn around and borrow on that equity, leaving themselves with a mortgage higher than home value (negative equity, setting themselves up to default on the loan.
No doubt there is plenty of blame to go around. This type loan was nothing but disaster in the waiting. I'm hearing several economists saying this $700 billion (actually $860.00 billion now with all the pork) is the FIRST of probably two or three rescue bills we have to look forward to.
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One important point DeMint made that I don't hear very often is that the flaky loans artificially bloat the value of homes. People then turn around and borrow on that equity, leaving themselves with a mortgage higher than home value (negative equity, setting themselves up to default on the loan.
The truth isn't being broadcast & that is one big reason why this is so disheartening to fiscal conservatives like myself.
This is one steamy pile of crap on fire that belongs on the democrats' door step. I sure wish the republicans would defend themselves on it more.
No doubt there is plenty of blame to go around. This type loan was nothing but disaster in the waiting. I'm hearing several economists saying this $700 billion (actually $860.00 billion now with all the pork) is the FIRST of probably two or three rescue bills we have to look forward to.
Debbie Hamilton
Right Truth
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