You see, none of this would have been possible if all those people who read "maximum loan amount" on their preapproved loan documents as "buy a house that costs this much" had just stayed out of the market; or at least had been familiar with the nuances of the word "maximum". Because all the (well, most of) the troubles Wall Street is currently facing can be traced directly back to the dimwit making $35,000 per year who just absolutely fell in love with that 1800 square foot $400,000 bungalow in Tangletown with its $8000 per year in property taxes. The figures and locations are of course different from case to case, but the ratios tend to be the same. Sure, there may be a thin film of folks who were victimized by circumstances and were forced to default. I'm certainly not blaming them. Most people get farked by the fickle finger of fate at some point in their lives. I'm talking about those people that you think about when you drive past those vast tracts of McMansions and overpriced townhouses in Eden Prairie or Plymouth, wondering to yourself: "how can so many people afford these super-expensive homes?" You now have your answer. Most of them can't.
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