Blog on the Run: Reloaded

Thursday, December 11, 2008 9:57 pm

Wrecking an economy, 90 houses at a time

Filed under: We're so screwed — Lex @ 9:57 pm
Tags: , , , ,

The housing bubble that led to the current economic collapse has a lot of complex, interlocking causes, from unqualified buyers to unscrupulous lenders to undiligent mortgage repurchasers to ignorant investment bankers to inattentive (or worse) regulators.

This article in the St. Petersburg (Fla.) Times focuses on one guy who traded in houses in the Tampa Bay area and whose deals, multiplied across the country, illustrate how a significant part of the crisis came to be. Fun fact: One buyer, who worked for a car wash, reported his income as $40,000. A month.

Also depressing, but not surprising: the level of ignorance in the comments.

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