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Author: markr33 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35367  
Subject: Re: I'm laughing, sort of Date: 11/15/2007 2:11 PM
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<<But it isn't about "me", certainly not primarily. Primarily, it's about the neighbor, and the people who lent him money. Secondarily, it's about the neighborhood, of which I am a small part of.>>

We're looking at two completely different worlds.

The world I'm looking at is some minority dominated outskirt of Detroit where predatory lenders took advantage of people who didn't understand, with no regulator saying no, because market forces solve all.


I agree that there are 2 different worlds. But the vast majority of the money involved is concentrated in places like parts of CA, South Florida, and other such places that experienced inordinate runups in home prices. Solving the Detroit, Cleveland, and other such areas will only go a small way towards solving the overall credit problem.

But even though the numbers are smaller in places like Detroit, the essence of the problem remains the same. People were sold houses that they couldn't really afford. And they still can't afford them. But I agree that anyone who was swindled ought to get satisfaction from the big banks and investors that profited greatly from the fraud perpetrated with these kinds of mortgages.
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