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September 30, 2008

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rbm411

People:

I know people that will live in your house until the mortgage re-sets. Five years at 800 for a house, their credit rating couldn't suck more. They were planing from day 1 where they were going to live 5 years from tomorrow from day one. Home ownership? Idiots lending to white trash. Got what they deserved. Lending Standards? White trash kicked wall streets' ass

Jamie

Roubini has been clamoring about this for months now... the sad thing is Congress really doesn't realize that Residential is the iceberg of all of this... shit.. lets be honest.. there HAS to be a strong correlation between the vast increase in mortgage originations AND student loan originations?? Couple that with the fact that those graduating from College soon (esp those with Finance concentrations) will hit the toughest job market since the Great Depression.

This really is only the beginning.

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