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Mack I will agree with you on one thing here and that many "investors" at the time were making great investments as far as money goes. They were able to put an absolute tiny investment in and leverage a huge amount of other peoples money. From an investment point of view it was great. It did not work out for many, unless they got in early and out early, but still a very good risk, especially in non-recourse states like California and Arizona. Let's face it the people who were lending the money did not own that either. They were basically lending other peoples money. They did not care if the borrower would later default because they were getting paid now. I also agree I don't think most people were trying to scam the system and many I knew were very afraid that prices were going up so fast they would not be able to buy a house if they did not act fast. In the end though most did not have much of their own money in the game so if they lose the house they are not really getting hurt much except for their pride. I guess my question to you is just how exactly would you help and who would you help? How are you going to pay for it? How are you going to do it without it becoming a giant scam? As far as losing some son's college fund how is that much different than if you invested in a bad stock? You either bought a house to live in or you made an investment. I am sorry if the investment went south but if you had made money on the deal would you have given a large part of it away? In the end lax lending standards and ignored fraud was the common thread that holds this whole mess together but I just don't see a way of fixing it. The best we can hope to do is learn from it but I don't see that happening either. It is going to be painful but bad things happen to good people.
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