Too many people bought too much house for too many years. Yes, the financial system almost collapsed because mortgage bankers and brokers told lies about loan terms and loosened standards in dangerous ways, and investment bankers packaged those loans into bonds that were far more toxic than ratings agencies predicted.
But the roots of the mortgage contagion lie with all of us and our desire to own just a bit more house.
Tom Keyes
Edina Realty
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