The Golden Lounge

[Phoenix-Rising]

After watching CNBC - House of cards I would say everyone is to blame.
First people getting mortgages they couldn’t pay. The mortgage brokers themselves knew this. The mortgage brokers then selling them to the banks for a nice commission. The banks then packaging them up and having the Rating services rate them AAA investments. Then the banks selling them to foreigners who think they are buying top rated secure investments.
Then you have these knuckle heads who couldn’t afford the house to begin with re-financing and spending the money like its cash... and that is the second wave of the cycle.
Plenty of blame to pass around.
Seems to me like lack of oversight if anything. I don't think it would take a monkey to tell you home prices wouldn’t keep going up forever.