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When do you think the mortgage crisis will reach its apex?

With 65,000 and still counting, how many more will lose their jobs to the mortgage crisis? 2 of the 13 largest lending companies have already filed for bankruptcy. Who should be held accountable? Should it be the mortgage companies fault or should the accountability lie with the customer? Macaroni; a job is a job regardless if it's deemed a "career" by your standards or not.

Asked By: Glen B - 9/12/2007
Best Answer - Chosen by Asker
BOTH. it's so distressing cause I bought my house a year and a half ago and now the market dropped and it's worth 30 thousand less (all the money i saved to put into a down payment is gone) but when I signed my contract, i KNEW what it meant. i KNOW i have a 7/1 year ARM, i KNOW that after 7 years my payment will... More
Answered By: VerdeOjos - 9/12/2007
Additional Answers (3)
I really think this is identical to the S&L scam of the 80's. No lessons have been learned and the tax payers will eat a bunch of it as the companies file BK under shell corporations designed to hide the officers assets... More
Answered By: netjr - 9/12/2007
 
It's no different than about 10 yrs. ago...in about 3 more years it will level off and the feeding frenzy will once again begin..and again it will bloat and spew forth more buying and selling...it' happens every 10yrs or so. I got lucky I was able to sell 2 yrs ago 2 1/2 times what I paid for 2yrs prior.Cha-ching.
Answered By: mad as hell - 9/12/2007
 
Those numbers are inflated. You are assuming that people actually had real careers. Many of them went into this business because of the boom. In my county alone we went from 300 real estate agents to over 1500 practically overnight. Same thing with mortgage brokers (even more so, since they didn't need a license... More
Answered By: macaroni - 9/12/2007
 
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