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Bronx Real Estate Reporter
Published On: July 7, 2009
Sub-Prime may have been a good thing! I know all the press is blaming the sub-prime market for the melt down. But, the real melt down mess has its true roots in the fairy dust spun out of Wall Street and the big banks. If sub prime was to achieve higher home owner rates and provide access to ownership to people who had been left out of the market because of too narrow credit issues, then it has worked because 75% of the sub prime mortgages are ok!. Not a bad record for a government driven program. Recent data based analysis of the foreclosure problem shows that the real culprit was no money down, not reduced credit standards which really defines sub prime. SO bubbles may be good for us--the railroad bubble gave us a national rail system. The auto bubble of the early 20th centurey gave us our once great auto industry. The Internet bubble gave us a great build out of fiber optics.
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