RUEZ RUEZ:
Robair Robair:
Here we go! We may not use the term 'sub prime' but our banks were doing the exact same thing up here with zero down and 40 year ammortization.
It isn't the same thing at all. Someone with a zero down 40 year mortgage won't see their payments jump up after two years.
No it's not exactly the same, I was referring to the effect. They were both making it way to cheap and easy to borrow money for the purpose of securing residential realestate. With nothing left to keep prices in check, buying takes of and houses are bought and sold at levels way above their actual worth.
Bubble. Crash.