|
| NO, it wasn't me. But it is someone I know quite well.
I had my banker explain it to me. I wanted to buy a farm that I could easily pay for, but my interest was higher than this guy who could not pay for his house.
OK, actually, he could have but by the time it got that far he was so far ahead, why would he?
My banker told me he was required to make so many of these types of loans. They made the loans and got rid of them as fast as they could.
I was just pointing out that the housing industry went through this no interest or interest only payment deal and it didn't turn out well.
It was just a massive indirect give away by the government. They backed the loan so they ate that part. Then paid out the money for the class action lawsuit.
All this money ended up in the bankers and developers hands, except the money from the class action. Most of that went to the lawyers and a little went to the borrowers for show. | |
|
The bubble looks to grow
