Comments on: Homebuilder bailout: You can’t be serious http://www.todaysfinancialnews.com/news-that-matters/homebuilder-bailout-you-cant-be-serious-5718.html Today's Financial News offers an independent and very practical perspective on the U.S. and global investment markets. We filter out exactly what financial news is worth paying attention to... and what it means for your money and portfolio Tue, 26 Jan 2010 12:08:21 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: CS http://www.todaysfinancialnews.com/news-that-matters/homebuilder-bailout-you-cant-be-serious-5718.html#comment-2132 CS Tue, 25 Nov 2008 21:50:22 +0000 http://www.todaysfinancialnews.com/?p=5718#comment-2132 The builders didn't just overbuild shoddy oversized and artificially over valued houses; they also set up their own mortgage companies and engaged in predatory lending. If they didn't run their own lender they set up an affiliated business arrangement with a lender like Countrywide's bulder division which as you probably know has been in the news for predatory lending. BTW "predatory lending" is what they call it when consumers get burned. When a bank gets burned in the same scheme, it's "mortgage fraud" and something might be done about it, but consumers are just blithely told to "get a lawyer." Builders and the entire real estate and lending industry created this mess, with the help of investors and ratings agencies, and the govt which looked the other way. There is no way these industries should get a dime. But our govt is in their pockets, so don't be surprised if they get it. The builders didn't just overbuild shoddy oversized and artificially over valued houses; they also set up their own mortgage companies and engaged in predatory lending. If they didn't run their own lender they set up an affiliated business arrangement with a lender like Countrywide's bulder division which as you probably know has been in the news for predatory lending. BTW “predatory lending” is what they call it when consumers get burned. When a bank gets burned in the same scheme, it's “mortgage fraud” and something might be done about it, but consumers are just blithely told to “get a lawyer.” Builders and the entire real estate and lending industry created this mess, with the help of investors and ratings agencies, and the govt which looked the other way. There is no way these industries should get a dime. But our govt is in their pockets, so don't be surprised if they get it.

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