Quote:
Originally Posted by Bill Verburg
Agreed!
Now that is an interesting comment, I always felt that the Community Reinvestment Act was one of the root causes for the whole sub-prime mess here in the states,
How did Europe get sucked in, buying the CDOs? or are the same sort of shnanigans going on iver there too?
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I was on the road today, listening to the radio. I heard some reporters from Russia and Spain, apparently things are getting pretty bad over there? The guy in Russia was saying they expect their largest of banks to be ok, but many of their "second tier" banks will go under.
The guy from spain was talking about the housing price collapse there. And banks being so terrified now, they are demanding 40-50% down to buy a house, so very few can get in.