> . . . The "crisis" is that everybody, from Joe Six-Pack > homebuyer, to investment banks on Wall Street, to banks > in Iceland, acted as if a 2500 sq ft. house on a 6000 sq > ft lot in Riverside California actually was worth $600,000, > and now discover that the house is only worth $250,000. > Ooops. Somebody is going to lose a lot of money and it is > going to take us another year to do the accounting of > the losses. The transition to reality is our present crises. > > * * * Why shouldn't somebody sign a nonrecourse > mortgage with no money down, which is exactly what the > rules of the game encouraged? It's risk free. * * *
Where (if at all) can one find probably reliable data about how many of especially the sub-prime loans were non-recourse in the different states? And, for that matter, DITTO for conventional/not-sub-prime residential mortgages?
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