The Subprime Meltdown

Actually its a good thing the Real Estate market to collapse. It was and is still overinflated. Why does a "house" have to cost over $100000. Houses need to be for living— and business for making money! T. Schlesinger

I am trying to watch the real estate stories posted by 60 minutes and the audio keeps dropping out. It's very frustrating to only get partial information

60 minutes did not bring out that state laws about lenders and real estate caused part othe problem.

I am a local Stockton area Realtor and this meltdown began with greed on the part of lenders and spred to Wall street and then to the borrower and real estate agents. I can remember buyers coming to a property and within one day of posting the home for sale I would have as many at 15 offers, often rasing the price of the home $50,000. It will take us ten years to pull out of this greed sink hole.

"Actually its a good thing the Real Estate market to collapse. It was and is still overinflated. Why does a "house" have to cost over $100000.": Do you really think a house should cost less to buy than it does to contstuct? What kind of fantasy land are you living in?

What ever happened to the days when a mortgage company would look at one's ability to pay a mortgage as a prerequisite to granting a loan? Now, it appears they're indemnified from the responsibility of poor judgement and they simply "write off a bad debt" rather than own up to a mistake. The same goes for the people who borrow the money. To hear someone say "I'm not going to make the payment even though I'm financially able because my property went down instead of up" without any feeling of remorse is dispicable.

This is what economocs majors call a bubble. However, they still can't recognize one, just talk.(With the exception of Warren Buffett). For this reason economics majors who are in the business of advising the Wall St sharks (the due diligence companies, bond unsurance companies,etc,) are just as culpable as the Wall St sharks and should be punished equally.

This was all done in plain sight. Our government elected officials must have known what was going on. I hope some at the top go to prison for being blind to this mess.

TALK IS CHEAP? TRY LIVE IN HAWAII, FEE SIMPLE HOMES RUNS ABOUT 400,000.00 AND UP NOW, AND STILL GAS PRICES GOING UP AND UP, AND COST OF LIVING IS AT A HIGH TOO.AND MINIMUM WAGE YOU CAN'T AFFORD A HOUSE WITH THAT PAY RATE TOO.SO ENJOY THE RIDE CAUSE THATS ALL WE CAN DO WHEN WE ARE IN DEPT TO THE WORLD. SIGN SOMEONE WHO'S STILL TRYING TO LIVE IN (HI)

What I don't want to see is us the tax payer bail this mess out...GREED on everybodys part is the problem .. Since when do you qualify for a loan that YOU know in your pocket book you can't pay.. What ever happened to this...Your house payment is never more than one weeks take home pay????? Your credit card debt and all other payments are reasonable???? You earn it you know what it takes to live so DA!!! Why take on more than you can handle???? SAVINGS!!!! You put money away for an emergency... These arn't stupid people they are instant gradification seekers.....