Ok, the 'for dummies' part is in jest but this is a great explanation for the housing mess that has conributed greatly to the struggling economy.....and it's simplified

found on another forum (non-titan related)
subprime works - Google Docs

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'04 2wd with PRG stuff......



"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." --George W. Bush, Feb. 28, 2008

"...my norwegian ass" LMAO!!! that was great SD!! although it was a humorous attempt at depicting the shortcomings of our financial lending institutions it pretty much sums up what they've done and how they've really screwed individuals.

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PRGbuilt
born 12/3, purchased 1/4 '04 Smoke SE KC PRG MT kit, CST spindles, PRG Spec'd SAWs 2.5" C/Os w/Eibachs, SAW Airbumps, CST carrier bearing, 37x12.5x17 Pro Comp Extreme All-Terrains, American Racing Mojave Teflons, HID low beams, Magnaflow custom exhaust, Injen CAI Filter, ID FRP prerunner fenders, front windshield tinted, Optima Yellow Top, Pioneer AVH-4100DVD w/ipod adapter connected to 80gb iPod, Sirius, HD radio tuner, Hertz 6.5" Components front, Boston 6.5" rear, Boston G1 10" subs, tech12 sub enclosure, Alpine amps, Eclipse BEC106 backup camera, TrueTrac, regeared from 2.94s to 4.11s, CTW TT prerunner fiberglass bedsides, Giant Motorsports under axle conversion kit w/64" deavers (21" rear travel) with Giant custom built rear bedcage and KING 3.0 bypass shocks...

VIDS!!! http://vimeo.com/groups/h00ligan/videos

That was freaking funny. Would have been nice to get a call from wall street saying something like "hey, were going to take your money and hand it to some complete morons, you game?"

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05 kc le 4x4 mods: Vk-pro, Injen intake, Dre coilovers, infinity steering wheel and console. needs: this list is way to long

yeah, it's funny as hell but pretty fuc king accurate! ... and sad.

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'04 2wd with PRG stuff......



"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." --George W. Bush, Feb. 28, 2008

Well they say Money is the Root of all Evil. But in this case, GREED was the root. Oh and being TERMINALLY STUPID on the part of the homeowners.

Red

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2005 Titan KC SE, Helwig, True-Track, ARE MX Canopy

Red, maybe I have not been around long enough, but it was hilarious to read your comment about them being terminally stupid. You just seem so conservative on your posts that your last one really amused me.

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05 kc le 4x4 mods: Vk-pro, Injen intake, Dre coilovers, infinity steering wheel and console. needs: this list is way to long

Being conservative and having opinions and then expressing them are not mutually exclusive!

Red

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2005 Titan KC SE, Helwig, True-Track, ARE MX Canopy

Who do you blame more Red? Stupid homeowners who knew they shouldn't be buying a house they probably couldn't afford ... or the brokers who helped them acquire loans knowing their assets/finances really weren't strong enough?

It's hard to say .. on one hand you have stupidity and on the other ethically-challenged brokers

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'04 2wd with PRG stuff......



"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? ... That's interesting. I hadn't heard that." --George W. Bush, Feb. 28, 2008

They were all freaking idiots, I mean who in the world thought the housing boom would last forever. Well I guess a lot of people thought so, I just don't understand it.

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05 kc le 4x4 mods: Vk-pro, Injen intake, Dre coilovers, infinity steering wheel and console. needs: this list is way to long

My opinion, and its just that, an opinion, is the financial market has the greatest blame and it was surely greed driven. The owners get the nod for being stupid but they too deserve a little of the greed driven blame. I'm sure many of the homeowners said it was too good of a deal to refuse. They forgot the old adage, if it is too good to believe, then something is wrong!! There are some bona fide great deals, but not that many. The finance people figured out many many new forms of loans to suck the money out of the market. Some downright criminal.

I'm personally glad when I re-financed my place I stuck with a conventional fixed mortgage and one well with-in my means. But I'm risk adverse.

Red

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2005 Titan KC SE, Helwig, True-Track, ARE MX Canopy