We should go back to 10-20% down and documented income. (OK, allow strict FHA loans for deserving poor people) It is the real estate industrial complex that is complicit with their homeowners for all mantra. Isnt home ownership already at 70%?
My problem with the banks, MER,etc is that the execs walk away with 100’s of millions for massively screwing up and guess who everyone here blames? Me. I tried to warn the world 3 years back. I sent emails to marketwatch economists about the san diego bubble. I was ignored. What else was I supposed to do? Was I VP of risk analysis at Citi, WAMU? Was I the double Phd running credit analysis at Moodys, S&P and Fitch? What about the responsibility of these credit agencies? So these corporations bear ZERO responsibility for bank losses and I get 100% of the blame. I will gladly take the blame if you give me a million.
BTW I sold WAMU stock during the August scare around 32 after good returns for 4 years+. Its 13 today! Oakmark funds really got hosed as largest shareholder. They should have listened to Poway Seller.
