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Tuesday, Aug. 5, 2008| I’m not going to comment on Mike Aguirre’s motives for filing suit against Countrywide to get mortgage relief for people facing foreclosure. I like Mike. What struck me was the quote from Robert Gnaizda of the Berkeley-based Greenling Institute, “…he is doing what people want and need…”
What people want and what they need are often two different things. What people always WANT is a free lunch, a zero percent down mortgage, and/or an artificially low initial rate so they can “flip” the house to some bigger sucker a year or two later. What they NEED is a reminder that free lunches don’t exist in the real world. That’s what appears to be happening now.
What ever happened to “caveat emptor”?