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Reply #56: I agree. You can't legislate against greed or stupidity. [View All]

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cobalt1999

(1000+ posts) Send PM | Profile | Ignore

Wed Jun-13-07 07:30 AM
Response to Reply #23

56. I agree. You can't legislate against greed or stupidity.

The only thing I wish would happen is more controls on easy financing. The availability of loans to almost anyone with a pulse created a lot more speculators that drove the bubble even higher.

When I first bought a home, getting a loan was quite an ordeal. Lots of credit checks, loan no more than 2.5 times your income, a detailed income history. During the boom, it seemed all the rules were suspended. That is where the government should step in. Set some minimums, keep the speculator count down and minimize future bubbles.

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