Ok all you granite counter stainless steel people...it's YOUR fault. Sez the Simian.

[Neshanic]

Those investment banks "found themselves" with bad stuff.

Bad people taking advantage of those nice wall street guys! Bad you!

[holboz]

1. yeah...

funny how when I got the mortgage to our house about 18 months ago, the first mortgage broker I visited gave me some jaw dropping advice. She told me I should keep my old house and rent it out. And then I should go for a low interest 3,5, or 7 year ARM loan because our area was "recession proof" and I could never lose money on a house in our area. I said, "I just want a conventional 30 year loan, please." She looked at me like I had 3 heads, could not understand why I'd want that when the ARMS were so cheap. Then she tried to recommend one of those 80/20 loans. NO NO NO!!

I went somewhere else in the end -- I got tired of her shoveling sh_t advice. But I think a lot of people were seduced by slick mortgage brokers pitching mortgage products that, in the end, were just too good to be true.