Whose fault is the recession?

[Jenn]

who's at fault? how about all the people that just HAD to buy the things they couldnt afford to "keep up with the Jones's" and are now crying about the economy because they have to repay their debt? Bull poopie! Maybe there was some shady lending going on but the consumer needs to know what they are getting themselves into and decide for themselves if they can afford it to begin with.

[Backbeach Jake]

It was caused by all of the money for nothing. Morgages and loans that were written and leveraged as the ink went down. Rediculous equity loans that had nothing to do with reality. Balloon payments that were impossible for even God's rich uncle to meet. Money for nothing. The money was spent and ultimately we got nothing.

[Fly Rod]

Get ready for the next set of bank/ mortgage default loans that are known as "Option Arm Loans." With this type of loan the interest rate adjust monthly and payment adjust annually. The option is interest only and minimum payment usually less then the interest with the end results being a growing loan balance. This type of loan is known as pick your own loan payment.