Quote:
Originally Posted by belsarius
No they didn't. You aren't on a ladder if you can't afford it. What they did was convince people they were getting on the housing ladder by giving them false hope they could afford it. Then they took all of the payments, and the houses and a bailout while leaving all these people on the "housing ladder" out in the cold.
Its like trying to say all Bernie Madoff did was get people onto the investing ladder.
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actually the very poor lost nothing, they put no money down, got a year or so of zero interest living in a house they could never afford to rent and then walked away after when it all went tits up, you could argue they took a hit on their credit rating but they never had credit in the first place, it was the dumb middle class that paid, not the poor or the rich