Re: Bear Sterns vs ...taxpayers?

Keith F. Lynch <kfl@[EMAIL PROTECTED]
> wrote:
> David T. Bilek <davidbilek@[EMAIL PROTECTED]
> wrote:
>> Both bailouts are bullshit; people who were responsible with their
>> money and didn't participate in the greedmongering housing bubble
>> are going to be taxed to bailout people who tried to get rich quick
>> or took out loans they knew they could only afford if housing prices
>> kept increasing.
> 
> Thank you.  I'm glad it's not just me pointing out such things.

I have a friend who worked for Countrywide (in IT, not lending). She's
been complaining about this exact thing for months. Her feeling is that
a significant percentage of the current foreclosures are on properties
that were bought as investments. Now that the purchasers have huge
negative equity they're walking away from the debt, especially in places
where mortgages are non-recourse loans.

	Robert
-- 
Robert K. Shull                           Email: rkshull at rosettacon dot
com