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We wouldn’t have this problem.

Some of the creditors giving ARMS also thought they were going to be able to make some money of the people could afford them, then forclose and resell making even more.
Didn’t work that way.
Then it didn’t help that regulators where given less power in 1999 to actually do their jobs.
ARMs where being sold to Fannie and Freddie that were in violating of their standards. They were just being flooded with them by banks that wanted to make the profit but not keep the risk.

Even then people who weren’t given ARMs coud afford their loans until high fuel prices and high food prices hit them, causing them to default.

TO blame this mess on banks giving loans to people who shouldn’t have been given loans is highly inaccurate. Even upper middle class people took out ARMS having no clue that their payments where goin gto double in 6 months. They figured the interest may fluctuate a little so they may have had to pay $20 or 30 dollars more, not jump from $300 a month to $1800 a month.
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There are so many different reasons for the economic mess we are in and the blame starts with both houses of Congress! The Dems and Reps are both out to get the most money they can get.

Have you ever heard of a member of congress that is not a millionaire? The laws Congress passes are not in the best interest of the people. Laws are passed to gain favor or money for one lobbying group or business interest.

The Economic mess was a direct effect of Mr. Rains being allowed to change the rules of how he and the upper management was paid on loans. Barney Frank and Chris Dodd for political donations changed the laws so money was paid to Rains for the amount of loans they bought, not the good loans that were paid. This opened the door for corruption. Rains and wall street bought these bad loans now because they knew they would be walking away with 100s of millions after they retired or the business was run into the ground.
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So many wars started by one president resulting in trillions having been spent and continuing to be spent!!

Massive national debt and continuing to grow!!

But above all the gift given to the terrorists by devaluing the dollar after 9/11 that it has been unable to recover from!!

So short answer is George W Bush. The sooner he goes and we get even a three year old child to run the country the more hope we have!!
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BUT THEY WERE PREYING ON THE UNINFORMED FIRST-TIME BUYERS, AND USING ILLEGAL TRICKS AND TACTICS TO DO IT~!!!
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pizzballpete!

But most voters want all the culpable legislators and banksters etc. to get what they deserve. Whether the robbers came in the front door of the bank with guns or the bookkeepers inside take the money, the GD bank got robbed! Worse yet, the money is gone and they charged up trillions in debt against the bank. Just because there is no dead bodies or a smoking gun, they did it! And there must be justice. It must be extensive and they must all pay.

It seems clear to some of us that Obama and his backers will block justice. Otherwise, they will be caught up in the investigation and revealations. Obama will never allow that to happen. They must get Obama elected or they are ruined. They are now desperate to push Obama into office. They will use their allies in the "news" media, the funders, and anything they can do to make certain Obama wins. That is obvious to anyone who is not blinded by the "hope and change" mantra.
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The writing on the wall.

The government could have fixed the whole problem if they had started earlier and just simply bought the bad mortgages and locked them in at normal bank rates. It actually would have been a profit for the government and maybe they could have thrown a little money in that joke they call social security.
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