[ExI] Was it just greed?/was Re: Psychology of markets explanations

[Dave Sill]

On Mon, Jun 1, 2009 at 11:59 AM, Dan <dan_ust at yahoo.com> wrote:
>
> That said, yes, there are lenders out there -- or were, as a lot of that's drying up now --
> who will lend with no money down.  One has to ask, though, why they appeared on
> the scene.  What makes them possible in the first place -- as people generally don't
> want to make loans to people who can't repay them?

Here's an explanation, courtesy of James McMurtry's song "Choctaw Bingo":

"Uncle Slayton's got his Texan pride
Back in the thickets with his Asian bride
He's cut that corner pasture into acre lots
He sells 'em owner financed
Strictly to them that's got no kind of credit
'Cause he knows they're slackers
And they'll miss that payment
Then he takes it back"

-Dave