Elias: Mind the Gap to Understand Economic Crisis
San Gabriel Valley Tribune › August 30, 2008
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Summary
CASTING blame has been easy during this year's great and ongoing epidemic of home mortgage foreclosures.
Greedy bankers sought out suckers and foisted adjustable rate mortgages on them, with little emphasis on the fact that initial low monthly payments would rise within a few years to levels the borrowers probably could never pay.See the full content of this document
Extract
Elias: Mind the Gap to Understand Economic Crisis
Greedy homeowners and buyers sought out new loans because they figured the astronomical real estate price increases of the boom years early in this decade would continue forever. Even when they understood the terms...
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