Geo Newberm:
The additional information you provided above was correct and let me add that the abuse on the consumer side was equally bad. Point: A bunch of "people" would get together and one of them would buy a new house $300K no doc - no money down. They'd all move in and kick in enough to cover the teaser rate monthly payment. The house would appreciate to, for example, $350K and they'd take out a 2nd mortgage for $50K and buy a brand new SUV for cash.
When the bubble broke and real interest rates kicked in they'd pile into their paid for SUV and drive away.
This happened countless times here in Arizona.
Regardless this whole mess was initiated by the socialist "democrats" and my hope is we NEVER see the likes of them in power again.
Jim

The 2nd Amendment IS an unalienable right.