Chief Financial Officer Alex Sink shares thoughts on economy in...
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#1 Feb 24, 2009
Getting housing going again is NOT the answer. This industry caused a housing bubble with unsustainable growth, artificially inflated house prices, and in many cases mortgage fraud. It was called "mortgage fraud" when the banks got taken out by the same schemes that were called merely "predatory lending" when it was just home buyers getting ripped off. Down payment programs in some cases are just money laundering scams, and that's from the IRS not just my personal opinion. Trying to put more air in this bubble will only increase the pain and cost to the rest of us, while lining the pockets of the same crooks who caused this mess in the first place. Let prices fall to what people can afford without all the toxic loans, etc, that fool them into thinking they can afford what they cannot.
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