I know that a certain number of these bad mortgages were made in response to initiatives started in the 90s to allow low-income families who otherwise couldn’t afford homes to own them. But what percentage of the current crisis involves loans of this particular type?
And what percentage involves people who actually have a good income and could afford some sort of decent home but who bought a far more luxurious home beyond their means, counting on refinancing when the value of their home inevitably [sic] went up?
And what percentage involves speculators who bought homes other than primary family residences, hoping to flip and make a quick profit?
And what percentage of each type of mortgagee ended up defaulting?
And is there any way to discover any of this?
It seems that if blame is to be apportioned and remedies found, we need to better know what we’ve been dealing with here.