The Dec 08 CA notice of default report was just released and it made me really mad about the banks that got us into this spot to begin with. If you listen to the media a lot, you might notice that the banks are trying to push the responsibility of this downturn on Fannie/Freddie/congress etc...
As I sat fuming I thought of a youtube video that I saw last year from Mr Mortgage. You might want to check this out. 100%LTV loans, stated income, stated employment with a 680 credit score. Lehman deserved to fold. Rediculously irresponsible programs that got worse/more aggressive each year. Watch the video. It's just rediculous. The Video was recorded in April 08. We're up to 320 lenders that have imploded at this point. Chase Prime being number 315 (I used to have a mortgage with Chase...) check out www.ml-implode.com to see the list of imploded lenders.
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