My buddy hit me up a short while ago. He and his family lost their house in all this mortgage crap. Amazing turn of events. He qualifies for a loan that he shouldn't have been given. Nobody questions how much he said he makes per month. He knows he can't make the new payments when the loan shifts. The lender doesn't check anything, just pushes his loan through. The real estate folks don't care since they are selling another house. Everyone down the line is fat, dumb, and happy and nobody questions how this guy can afford this house. It sucks that my buddy and his family are now in a small appartment, but it is truly amazing the amount of greed demonstrated by everyone in the process. Bush signed the Sallie Mae, Freddie Mac bailout today. Amazing a company can do bad deals out of greed and stupidity and then get rescued by the government. I wish I could do everythig wrong and then have somebody give me a bailout. Gotta love greedy dumb people in power.
