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who is at fault?
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[QUOTE]Originally posted by Propertymanager: [QB] Home builders build the types of houses that are in demand. In the past few years, McMansions were in demand and therefore that's a large part of what builders were building. Now that the ecomony is coming back to reality, demand for McMansions will probably drop and builders will respond by building smaller houses. Who's to blame for the housing bubble? I'd start with Alan Greenspan. His policy of pumping a bunch of cheap money into the economy after the dot-com crash and 911 was a major cause of the bubble. Add to that, Bill Clinton, George Bush, Barney Frank, Chris Dodd, the Congressional Black Caucus who prodded banks to make loans to individuals that weren't credit worthy. Next, banks and mortgage companies made loans to these people that weren't credit worthy. Banks and mortgage companies also invented ridiculous products such as teaser rate loans, option arms, etc that set the borrower up for failure. Moreover, the banks allowed people to LIE on their applications with 'stated income' loans. As Glass said, appraisers contributed by inflating appraisals. Finally, the individuals that borrowed the money without having the ability to pay back the loans certainly bear a LOT of responsibility. There's enough blame to go around! [/QB][/QUOTE]
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