American Horse
AKA "Mustang"
Did Bush see it coming? He saw the potential downside with the moral hazard of the govt's implied guarantee with so much of mortgages been given the Fanny May seal of approval. Bush tried several times to impose the same rules of accountability on Fanny & Freddy that applied to other private sector institutions, but ran into a veritable stone wall.How was the mood before the housing bubble in 2008? Did Bush see it coming?
Did people complain about high housing prices?
Did people complain about high building costs?
Did you see the bubble coming?
Did you see it coming and did you get affected.? Did people have to much debt?
Did people complain about housing prices? Not as long as appraisals matched or exceeded the price they were paying, with the expectation that when they did need to sell they could get a good return.
Did people complain about high building costs? See above sentence; appraisals and loans matched their prices, providing a decent, but not excessive profit, and sales were robust.
Did you see the bubble coming? As a builder/developer I saw some disaster coming, because there became almost a collusion between buyers, sellers, appraisers, and lenders that said that whatever price was agreeable between a buyer and seller could get loan approval and close, almost regardless of the financial standing of the buyer. When I began to see foreclosures in cases where the owner had been able to load second mortgages on top of firsts far in excess of a home's true value I voiced a lot of concern in the public arena, because of fears that the system was no longer rational.
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