Comments on: Freddie Mac announces the end of Greed http://dangerousintersection.org/2007/03/02/freddie-mac-announces-the-end-of-greed/ Human Animals at the Crossroads of Culture, Science, Religion and Media Mon, 01 Dec 2008 18:30:22 +0000 http://wordpress.org/?v=2.6.3 By: Erich Vieth http://dangerousintersection.org/2007/03/02/freddie-mac-announces-the-end-of-greed/#comment-10386 Erich Vieth Sat, 03 Mar 2007 05:36:07 +0000 http://dangerousintersection.org/?p=1119#comment-10386 I read more of the blog you cited. That is a terrific swat at an industry that really deserves it. Mish points out that numerous BS claims by the subprime industry that has created a huge mess that we are all going to pay dearly to clean up. They profited by luring sub-prime borrowers into debt they really couldn't afford by using a host of deceptive claims. Now, thousands (millions?) of borrowers are teetering on the edge, the dream of home ownership likely to vanish if interest rates don't magically stay low. When that happens (I don't have the confidence to say "if") we will see new large swaths of foreclosed housing cutting through neighborhoods. Then, people will wonder what happened, blaming the victims of mortgage scams. I read more of the blog you cited. That is a terrific swat at an industry that really deserves it. Mish points out that numerous BS claims by the subprime industry that has created a huge mess that we are all going to pay dearly to clean up. They profited by luring sub-prime borrowers into debt they really couldn’t afford by using a host of deceptive claims.

Now, thousands (millions?) of borrowers are teetering on the edge, the dream of home ownership likely to vanish if interest rates don’t magically stay low. When that happens (I don’t have the confidence to say “if”) we will see new large swaths of foreclosed housing cutting through neighborhoods. Then, people will wonder what happened, blaming the victims of mortgage scams.

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