[geeks] [rescue] E250 temperatures

[Patrick Giagnocavo]

Dan Sikorski wrote:

> When i bought my house, i told my lenders not to approve me for any more 
> than what i was willing to pay.  I knew what my upper limit was and 
> didn't care about anything else.  They listened, but the two lenders 
> that I talked to were a credit union, and an indirect relative.  I 
> agree, those who bought more than they could afford should fall on their 
> asses, and if their collective failure causes lender failure, they 
> should be punished for taking bad risks as well.  You'll notice that not 
> all lenders are failing, either.  Wells Fargo and JP Morgan/Chase are 
> doing ok through all of this because they didn't take on the high risk 
> loans.  In the end, the fools lose, weather they were the borrower or 
> the lender.

The way the market is supposed to work, those idiots should lose their 
homes and some money, and the houses should sell at lower prices to 
people who are more careful with their money.

But, the state/local/municipal governments are addicted to the property 
taxes at current rates, so anything they can do to prop up the assessed 
value, they will do.

--Patrick