A conservative friend called me today and complained about how the economic crisis started with bad loans that were provided to poor people. I explained that as bad as some buyers incomes were, the firewall was the lender. They didn't have to take the risk. The following video clips is for him and all conservative who think home buyers who should have known better were at fault for the crisis.
My experience in real estate exposed me to those once tough standards of mortgage lending. Interest only loans and other tricks and traps destroyed the dreams of many home owners and buyers. NOW on PBS with David Brancaccio and Senior Correspondent Maria Hinojosa touched on the problem recently. This is highly edited, hitting the bullet points.