posted on Jun, 16 2011 @ 11:34 AM
The big con at the time people were buying these homes that they could barely afford, is that the home value would go up, and that they could
refinance, and get a lower payment. This was incredibly temping to many, and they bought into this idea.
It was a house of cards once the banks were deregulated, but most repubs at the time were bragging about how well the economy was doing, based on this
big con about home values.
The whole con would never have worked if it wasn't for the false rating of these shaky home loans as solid investments. That is where the real
criminal activity took place.
One thing is clear, the banking execs are the ones who made all the money from this scam, and none of them are being held responsible for their
misdeeds. That is your free market at work.