Monday, January 04, 2010

We´ve All Been Subprime For A Long Long Time

I don´t think it´s really a bombshell to anyone who has been paying attention, or reading this delightful blog of mine. It was never a subprime problem, it was a problem of banks lending to people who did not have a realistic ability to repay their loans. The way they dealt with this little problem was to give people teaser rates they could pay for a little while through various types of ARMS.