Lawmakers to probe housing "bubble," mortgages

[Chimichurri]

U.S. lawmakers will question some leading government and industry economists about the perils of a possible 'housing bubble' in a Wednesday hearing. Next week, the same committee will hold a hearing on the growth of innovative mortgage products that have mushroomed along with the housing sector.

http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyID=2006-09-12T191303Z_01_N12323829_RTRIDST_0_BUSINESSPRO-ECONOMY-HOUSING-SENATE-DC.XML&from=business

[hobbit709]

1. Now that the feces

is about to hit the air impeller blades they are concerned. I saw this coming a long time ago and so could anyone with more than three working neurons,

[1932]

2. That horse has left the barn. They should have investigated and legislated

in 2003-04 when this started.

[peace13]

3. Watch for legislation to repay the banks for any losses!

[meegbear]

4. Exactly ...

just like how the new bankruptcy laws are supposed to help the poor (get fucked over more).

[Warpy]

5. Oh, right, now that there's no more fast money to be made

by speculators, let's see what caused the collapse!

DUH.

[The_Casual_Observer]

6. The artificially low interest rates created the bubble. It didn't take lon

for the real estate people to take advantage of the low rates & easy money to jack up the prices to match the payment pain threshold figuring in the lower interest rates & "innovative" mortgage products.
In essence the people who got screwed on this deal were the little home buyer people that were forced to pay inflated prices with funny money loans.