This chart doesn't even include ARM's. Just interest only and neg-am loans. What is particularly disgusting about this chart is that it's for original purchases. Not to take out equity in an already purchased home, BUT THEY USED NEG AM'S AND INTEREST ONLY LOANS TO BUY THE DAMN HOUSES!
The level of stupidity that not only the lenders, but the borrowers that caused this bubble is incomprehensible. How banks could make such stupid loans is beyond the jurisdiction of common sense and sanity. And to the point that over a QUARTER OF ALL ORIGINAL PURCHASE MORTGAGES WERE MADE TO HAVE NO EQUITY IN THE DEAL???
When this spills over into the larger economy and we all start to suffer because of these peoples' stupidity, I want not only the idiots that borrowed money they couldn't pay back, but I want the bankers and mortgage brokers that enabled this soon-to-be-recession taken to task too.
The regulators better be getting off their asses pretty soon.
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