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Here is some really interesting(?) not well known (or ignored) information …
Kyle mentioned the 2008 mortgage crisis which involved the HomeBanc failure today … make no mistake, this was a failure of idiocy between the government, banks and consumers ( I often refer to it as the trinity of idiocy). Government passed laws requiring sub- prime lending, greedy banks saw an opportunity to make big money, and dumb consumers going into mortgages that made them house poor.
This was preceded by a couple of failures of subprime lenders in the auto finance world, Mitsubishi Motor Credit (anyone remember zero zero zero for a year-o year-o year-o?) and Triad Auto Finance … these were both sub-prime auto loan lenders. Yet despite these failures government and banks thought it was a great idea to force/allow sub-prime loans in the mortgage market. The auto finance failures were only a few years ahead of the HoneBanc failure and 2008 mortgage crisis.
Some of those low IQ folks Kyle referenced...
