From my RE blog!
By now most of us have a decent understanding of how the subprime mortgage mess came to a meltdown.
Easy money caught up with us when borrowers could no longer afford their minimum payments, which were usually their mortgages, which had been refinanced(or leveraged with home-equity loans) to pay off unsecured credit cards which had been used to finance liabilities like cars, boats, college, home improvements etc.
But can you really blame someone for being handed easy money?
I mean think about it.. The media pushes the message because it is bought and paid for, just like the political parties and currency systems, and by the same people.
The message is to spend money you don’t have.
The government does that, why shouldn’t you?
And now, four years past Ground Zero of the recession, and easy money is still available. How can this be? And who can still qualify?
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