re: #700 Rightwingconspirator

The home loans with inadequate/nearly nonexistent means tests, and whatever made them happen. The people involved took huge hits there. Like the rest of us who believed in the big “meme” if you will was that housing values could not crash as they did. Reasons cited varied, population gain, location, immigration etc. Wrong as could be. The more wealthy had a better shot at recovering from a hit like that. Anyone else, not so much.

Oh, yah. I thought you meant CRA. I worked in housing in CA in the late 90’s and was shocked by how easy it was to get a loan, and how it seemed people were making money by their housing values going up and for no other reason. And people who didn’t buy would not be able to afford the higher values.

Even then, when I didn’t have my head around the whole deal, I sensed it was unsustainable. So I did the smart thing: bought right at the top!