All this finger pointing just turns my stomach....who cares just fix the problem and fix it fast! Does it surprise government officials when house loans carry the lowest interest rate, spread out over the longest amount of time, is tax deductible and a bank would give me an equity loan for up to 110% of the value.....Da! People have been paying off car loans, credit card loans, personal furniture loans, college and schools loans, you name it. The home equity loans and refinancing loans to pay all of these possible items off was a no brainer.
My answer, make all these other loans tax deductible and what you get ....a flood of repossed cars? Hey the value of my education has never gone down ..haha! The bottom line, the bottom dropped out...when the prices went down and it could get a lot worse when more people realize their home isn't worth any where near what they paid for it!
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