We at AC2 News remember this same reporter, Diana Olick, reporting on this same phenomena a decade ago. The prime mover of crony capitalism, The Fed, created the housing bubble then and it’s creating new bubbles now.
Magdalene Altidor lost her home to foreclosure during the subprime mortgage crisis, but this week she was first in line at a four-day event in Miami where borrowers with poor credit were offered no-down payment, low interest rate loans.
“I left home, it was about 4 a.m.,” she laughed. “I’m ready to purchase a home.”