Flipping homes was the 'cool thing to do'... the less work you could get away with doing the better...
BUT, in terms of economic damage, what happens AFTER the consumer gets the loan and starts living in the home... THAT was infinitely more detrimental. Almost like comparing a mild headache to full blown brain cancer.
A screaming comes across the sky.
It has happened before, but there is nothing to compare it to now.Pynchon - Gravity's Rainbow
Then we both stopped and looked at each other and said the SAME thing...what are we DOING???
NO ONE offered us the loan up front. No one enticed us. We were doing VERY well and we just got caught up in the swell. It WAS a VERY nice house...I must say! I also can say that I still live in my primary residence...pay all of $600.00 a month and am very glad we didnt do that to ourselves. BTW...we also built a 4 unit condo on the tail end of the bubble that we have a hard time keeping rented for what we owe on it. Thank goodness the other properties are well above water.
Democracy is two wolves and sheep voting on what's for dinner. Liberty is a well armed sheep willing to contest the vote.
Look...Im not saying the banks are without guilt (I HAVE stated that several times...right?). Im saying banks made stupid loans to stupid people that got into them. We all own our pice of the problem. Its not a Clinton thing, or a Bush thing or a Barney Frank thing or a...ok...you get the point...right?
The reason you have been accused of half truths is because you have a fairly good grasp on part of the problem but completely deny other parts of it and where to lay blame.
From the ashes.
That said, the enticement is that you see the house you can't afford, you walk through the house and you think 'this could be mine'... and that you have a lender that is willing to give you the loan knowing that you are just scraping by to afford it.
The enticement for the agent is the increased commissions, similarly for the banks, the lawyers, etc... but only the institutions get bailed out when the scheme falls apart.