Quote:
Originally Posted by LottomagicZ4941
Banks should have never approved such expensive houses.
Should have said, "No" more but commisions would have been lost 'cuz someone else may have said yes.
House prices still need to come down. It is insane. Just common since people. Then again if we had common since this mess could have been avoided. If the banks had been ethical and pushed 15 year mortages. Awe but then people would pay down debt faster.
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30 year loans aren't the problem. They are a bad idea for consumers, but they don't hurt much in the big picture.
The real problem was with the ratings they gave these loans. They rate them as A+ then sell them off to unsuspecting investors.
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"One should never direct people to happiness, because happiness too is the idol of the market-place. One should direct them towards mutual affection. A beast gnawing on its prey can be happy too, but only human beings can feel affection for each other, and this is the highest achievement they can aspire to."
-Alexander Solzhenitsyn
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