John wrote: > <Now its just a matter of getting people into the houses so the big > banks can retire the old mortgages in default with new mortgages that are > performing on the underlying real estate collateral.>
Hi John! The people didn't have to even move. They could just refinance into one of the "new mortgages" based on the bubble "value" of their home. And they had to do that just to stay alive because all their neighbors were doing it. Prices of everything else rose to absorb the new "money", most of this going for food, fuel, health care and other everyday necessities. Same old house, big new debt. -- Regards, Pete http://pete-theisen.com/ _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[EMAIL PROTECTED] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
