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Non-Cattle Specific Topics
Coffee Shop
Mortgage Bailout ?
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<blockquote data-quote="TexasBred" data-source="post: 564443" data-attributes="member: 6897"><p>Lammie, the S&L fiasco was much different. It really didn't involve that many individual borrowers and single family houses. Most involved a handful of bigtime crooks, commerical and multi-family properties and pure greed. Properties would change hands a dozen times within a few days and with each transaction the supposed "Fair Market Value" of the property would double. Then the "crook" in one S&L would sell off participating interest on those inflated loans to often innocent S&L's with more money available than they could lend out locally. Once the big crooks started falling the dominoes fell all the way to the small local S&L who had made what he thought was a good honest investment for the company....one day your local S&L was very strong and profitable..the next day "insolvent". Most of the crooks got light sentences "if any" and thousands of good folks on the local level had to look for jobs.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 564443, member: 6897"] Lammie, the S&L fiasco was much different. It really didn't involve that many individual borrowers and single family houses. Most involved a handful of bigtime crooks, commerical and multi-family properties and pure greed. Properties would change hands a dozen times within a few days and with each transaction the supposed "Fair Market Value" of the property would double. Then the "crook" in one S&L would sell off participating interest on those inflated loans to often innocent S&L's with more money available than they could lend out locally. Once the big crooks started falling the dominoes fell all the way to the small local S&L who had made what he thought was a good honest investment for the company....one day your local S&L was very strong and profitable..the next day "insolvent". Most of the crooks got light sentences "if any" and thousands of good folks on the local level had to look for jobs. [/QUOTE]
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