The argument that the government pressured mortgage companies into giving low-income people home loans is bullshit. Did anyone here actually buy a home recently? We did, in 2005 and our mortgage broker was trying to convince us that we could afford a $200,000 loan when we were making $40,000 a year. His solution? A sub-prime ARM of course!!! We said, "You're crazy, there is no way we can afford that." "Oh no! You can! Look at these numbers!" "What happens in five years?" "Well, the rate will adjust." "Won't rates increase?" "Not likely!"
Sham.
Thank God we smelled it.
We came looking for a reasonable loan of $80,000 and he tried to convince us we could afford almost three times that. I don't think the government was telling him he had to do that. Oh, and our mortgage was sold three times in the first year we had it to various companies, all without our consent of course.
Fuck them all, I say.