clifp
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Oct 27, 2006
- Messages
- 7,733
I've often thought that America should be ashamed of our loan originators for selling mortgage securities rated AAA around the world, when the truth was that many were nearly worthless. Whether we like it or not, this reflects negatively on all of us. So far, home prices have dropped an average of 10% nationally over the past year, if they continue this downward spiral to 30% (which today's WSJ reported as a possibility) someone needs to pay with hard time for their criminal misrepresentation.
I don't know, I think we have to pay for those case of toxic toothpaste, tainted pet food, and toys paints with lead, that we import with something. I think there is a certain poetic justice with giving our oversees trading partners portions of loans to made to people with bad credit on overpriced real estate. Caveat Empor works both ways.