Who do you most blame for the current crisis in the housing market?
a: Wall street b: Politicians and Executives at Fannie Mae and Freddie Mac. Please state why you believe you are right.
Asked By: Hilton - 7/11/2011
Best Answer - Chosen by Asker
Not Wall Street... More
Answered By: Karen - 7/11/2011
Additional Answers (8)
c: ALL the People who could Never afford the Houses They Bought in the FIRST Place..! :(
Answered By: Joseph the Second - 7/11/2011
Bill Clinton wanted minorities and low income people to be able to buy homes So he made the banks relax their standards on giving mortgage loans. This brought us the sub prime lending scheme. Many of the people who got these loans later defaulted on them. Before Clinton relaxed the rules you had to have good credit... More
Answered By: Jimmy - 7/11/2011
People who want to live beyond their means. American people believe in charge, charge, charge. Now it has come to pass that all of this spending has brought chaos. Not only minorities or others who have... More
Answered By: eugene j - 7/11/2011
Local city councils and their developer friends - at least here in the West. City councils couldn't approve housing developments fast enough. Even in the Inland Empire (which now has the highest foreclosure rate in CA) the homes were priced at $350,000 and up and you had to wonder who could afford to buy all those... More
Answered By: Mujer Alta - 7/11/2011
Wall Street! They are the ones that created the vast financial schemes that brought this country to its knees and even today, keeps us there. It is those greedy, preplanned, Wall Street executed financial “schemes” that bloated the housing market and allowed them to make billions. It is they who crashed the economy... More
Answered By: firefly - 7/11/2011
The sale of mortgage backed securities and insurance on defaults in these securities were a pure product of Wall Street. Lehman Brothers, JP Morgan, AIG etc invented this crap. The rest just leaped aboard. We baled some of these folks out. Who's heard AIG say "Thanks."
Answered By: Joeseph Doakes - 7/11/2011
As the first answerer Joseph said above, c - stupid, money grabbing, short-sighted people.
Answered By: Superdog - 7/11/2011
Years ago people were making money by getting mortgages for people who had visible problems in paying them back. They would grant mortgages even without checking what the person claimed that there income was.
Answered By: faizah - 7/11/2011
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