Obama Is on the Brink of a Settlement With the Big Banks—and Progressives Are Furious

[truedelphi]

130. Heart felt appreciation for your turning the tables on that poster.

You would think from the way the media and some here on DU recount the tale that hundreds of thousands of low inccmed people swarmed their local realtors office, with banners waving and with chanting for hours going on: "We want homes. Give us low income mortgages or die!"

In reality, the big firms created the financial means for the poor to get housing, so they could "amp up" the housing bubble and continue to make oodles of dough.

And even middle class people were thrown into ARM's created for the poor. When we looked for housing in spring of 2002, my spouse forgot to come to the appointment. I thought the RE agent would show me out of his office. Instead, with a big smile, he said, "Go ahead and fill out the paper work. I can see to it that you guys get this lovely house on your salary alone." (I was making less than twenty thousand, and the place was 175 K - on a flood plain and perhaps not even still in existence, as it was too close to the Russian River.)

I knew very well that this was fishy. And we decided to not buy while the bubble was going on. Though we never expected the bubble to last all the way through till 2006.