I have Press fatigue!

Those who know me know thatI normally try to show the absuredness of the mainstream press. But today I have Press fatigue.

I have been listening to NPR and BBC over the last week and I tell you what, I have just about had it!!!

On both networks, the subprime mess is the fault of those undeserving slackers who bought homes they could not afford and are now falling fast into foreclosure. They should be run out of town on the rail... But...

I have bought three houses in America. Each time, the mortgage provider made me prove that I was not only creditworthy, but a human being living and breathing on the planet. Many credit checks, proof of salary over the previous three month, tax returns over the past three years, proof that I had no liens or judgements against me, proof of ownership of all property, copies of drivers license, social security card, and passport. The rules were very clear: My house payment per month could not be more that 28% and my total debt payments per month could not be more than 32% of my monthly take home salary. The loan application process was unbelieveably thorough...

So, how did these alleged unworthy buyers get these loans they could not afford? Someone accepted those applications, did not verify any information, did not run credit checks on the applicants, included heavy penalties for early payoffs, included teaser interest rates followed by backbreaking increases in those rátes each year, and got super bonuses for their work...!

But no where can you find information on who those loan makers are. There are no lawsuits against them. No investigative reporting about them. Its as though they really don't exist. Instead we hear about the buyers! And news agencies have made it seem as though the real victims are the banks and financial institutions who reaped huge profits for 3-5 years while this project was working well. Now they are in such bad shape that the taxpayers need to bail them all out. But where is the money? Where did the profits go?

No more can I hear BBC or NPR slander these poor homebuyers/losers! Please make it stop... Let me know what you think!!!