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1. 

   Alexus_The_Great said, about 1 year ago

   Let’s put it straight: you have a $200K mortgage, then your financial institution calls you to refinance the mortgage, lowering the interest you pay, and telling you that your house now is worthy $400K… and you are supposed to refuse that deal?

2. 

   Machado said, about 1 year ago

   You are probably one of those that answer “kenyan Lottery winner” spams ….

3. 

   TheGreatSatan said, about 1 year ago

   Finally one of these cartoon editorialists gets it! It was the housing bubble caused by redlining that caused this crisis. The moment the market was a little shaky (someone slammed the door) those people that couldn’t afford their loans popped it!

4. 

   Alexus_The_Great said, about 1 year ago

   The point on my comment was to emphasize the fact that in most cases the financial institutions contacted the lenders to accept a “better” deal and not the other way around.

   I am not sure what whould happen if you say “no, thanks”…

5. 

   lalas said, about 1 year ago

   ATG, I agree with your assessment. However as a homeowner who received those ‘offers’ I knew better than to assume that my house was going to increase in value exponentially. I took the ‘offers’ to work and put them in the shredder where they belong.

   However again…. I think it is unfair to blame people for wanting to buy a home. Banks and ‘irrational exhuberance’ both made people believe they could afford a house that they couldn’t. Home ownership is a fundamental of the economy and the American Dream. It’s hard to bad mouth people for wanting that.

6. 

   acellist said, about 1 year ago

   There’s a Kenyan Lottery…?

7. 

   Machado said, about 1 year ago

   Acellist said:
   There’s a Kenyan Lottery…?

   That was my point…;-)

8. 

   DHLEAKY said, about 1 year ago

   Acelist,
   The Kenyan lottery was won by Wall Street. It is paid for with the lives of the U S taxpayers, and their Grand Kids.

9. 

   Alexus_The_Great said, about 1 year ago

   Lalas; I agree with 100%. I only was trying to point out that it could be an oversimplification blaming the crisis SOLELY to the homeowners.

   Corporate greed fueled those offers, and many people accepted them pushing the values of the market a little higher, then generating more artificial demand, closing the circle.

   But It’s a vicious circle, a Gordian Knot, and the only way to get out of it is to brake it…

10. 

    lalas said, about 1 year ago

    TGS, Mach, Stew et al – the Community Reinvestment act is NOT responsible for this mess. Look it up:

    google this community reinvestment act percentage foreclosures

    I understand you may not like the law, but it is NOT at fault here.