What have we learned?

Remember when it was necessary to pay 20% down buying a home? And your mortgage could not exceed 30% of your monthly take-home pay? If we have learned nothing else with the banking crisis, it is bad business to offer mortgages with nothing down or less (mortgages in excess of selling price), and offer those deals to customers without a credit check or even proof of employment. We have greedy lenders and spendthrift borrowers to thank for the current crisis, requiring a taxpayer bailout of epic proportions.

Imagine my surprise to learn that you can STILL get a mortgage with little or nothing down. I know of a case locally where a mortgage IN EXCESS of 100% was offered!

Let's get serious, folks! We taxpayers are fed up with irresponsible people and institutions turning the American dream of home ownership into the American nightmare. So here's what I recommend -- if your bank or lending institution is offering these pie-in-the-sky deals, tell them you are sick and tired of paying your neighbors' debts. If they don't cease and desist, you will pull all your accounts. Or better yet, you will report them to the FDIC, which is almost broke now cleaning up after failed banks.

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