Quotes about Home Loans from the world's top natural health / natural living authors
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 "The credit agencies rightly rated the home loans as poor, BBB? But, in a miracle akin to the one at Cana, the bad credits were turned into triple A's by the PhDs at hedge funds.
Scientists often suggest that the Gospels lie. But as to the veracity of modern finance, they are mute. Asked to explain, the institutional salesmen sounded no smarter than the homeowner. The parts going into it might each be a little oily, they said, but put together, the sliced, diced, and processed mortgage packages were less risky than individual mortgages."- William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.) "Growth in Subprime home loans. Source: Inside Mortgage Finance, www.imfpubs.com. The crux of the matter is that derivatives are not a zero-sum game. Instead, they are a game in which the actual odds themselves follow long patterns of boom and bust. During the boom, people become upwardly mobile by proxy, piggybacking on the shiny surfaces of the bubbles ... in credit ... in debt ... and in housing. But then comes the day when the bubbles take a bath. When the poor homeowners must find another source of funds—another money tree—or miss their mortgage payment." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.) |
 "Before Ronald Reagan took office, S&Ls had to keep at least 80 percent of their assets in home loans, by law. A typical S&L would offer 3 percent interest on money deposited with it, and make mortgage loans to homebuyers at 6 percent. The 3 percent difference or "spread" covered the bank officers' salaries, and paid building rent and owner profits. Obviously this required a stable currency. The severe inflation and interest rate hikes of the 1970s threatened to drive the thrifts out of business."- James Howard Kunstler, The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century (Get the book.) |
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