In Ashland, Oregon, during the “boom”, real estate PRICES, NOT real “value”, went up 20% a year for five years (doubling price), based on “flipping” and phony loans mostly. Now, prices have gone down 30% of over the last five years— so, where is the real loss if you’ve actually been living in a home for 10 years? Your still up by 70% of “value”. Just a thought.
I just received a mailer (obviously a scam) claiming that I had been charged too much for my house, and a refund was available. Laughable, and yet tragically accurate.
One time debating my Republican stock broker, I said that credit default swaps had magnified the housing bubble 10-fold. He said “No, it’s more like 100”.So if the mortgages themselves were only 1% of the meltdown problem, how is any of that Frank or Dodd’s fault?The initial problem, as Tigger pointed out was that people were duped by shyster lenders who figured out how to rake in commissions and dump the risk (on Fannie/Freddie or on the bond buyers).Then those same shyster lenders invented an entirely new and unregulated casino operation where they could bet against their own “products” with much incentive and no consequences.Again, how is any of this related to Frank or Dodd?There should be thousands of Wall St.ers in jail for depraved indifference and fraud.
Not much has changed has it? The naive and the simple minded thought they could buy a luxury house on a pauper’s salary. The naive and the simple minded now think the problem can be blamed on two people in one party.
Yes, meet in the middle..there is a clear distinction between “housing bubble” and “financial crisis” that seems to be overlooked quite often.
When three of our five largest investment banks fail as a result of falling house prices, there is a deeper problem than just too many poor people getting loans.
Dtroutma almost 13 years ago
In Ashland, Oregon, during the “boom”, real estate PRICES, NOT real “value”, went up 20% a year for five years (doubling price), based on “flipping” and phony loans mostly. Now, prices have gone down 30% of over the last five years— so, where is the real loss if you’ve actually been living in a home for 10 years? Your still up by 70% of “value”. Just a thought.
BrianCrook almost 13 years ago
Anyone who blames Representative Frank for the housing crisis has his head buried in the sand (or in some other dark place).
toto39 almost 13 years ago
Here’s to Barney Frank and his laboratory assistant, Igor Dodd, without whom none of our current national financial success would be possible.
Noveltman almost 13 years ago
I just received a mailer (obviously a scam) claiming that I had been charged too much for my house, and a refund was available. Laughable, and yet tragically accurate.
meetinthemiddle almost 13 years ago
One time debating my Republican stock broker, I said that credit default swaps had magnified the housing bubble 10-fold. He said “No, it’s more like 100”.So if the mortgages themselves were only 1% of the meltdown problem, how is any of that Frank or Dodd’s fault?The initial problem, as Tigger pointed out was that people were duped by shyster lenders who figured out how to rake in commissions and dump the risk (on Fannie/Freddie or on the bond buyers).Then those same shyster lenders invented an entirely new and unregulated casino operation where they could bet against their own “products” with much incentive and no consequences.Again, how is any of this related to Frank or Dodd?There should be thousands of Wall St.ers in jail for depraved indifference and fraud.
Gypsy8 almost 13 years ago
Not much has changed has it? The naive and the simple minded thought they could buy a luxury house on a pauper’s salary. The naive and the simple minded now think the problem can be blamed on two people in one party.
Spaghettus1 almost 13 years ago
Yes, meet in the middle..there is a clear distinction between “housing bubble” and “financial crisis” that seems to be overlooked quite often.
When three of our five largest investment banks fail as a result of falling house prices, there is a deeper problem than just too many poor people getting loans.