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<p>[QUOTE=&quot;medoraman, post: 1733907, member: 26302&quot;]Well, where are the mobs with pitchforks demanding someone&#039;s head today? Where is the outrage over silver losing well over 30% YTD and adding more losses everyday? I haven&#039;t heard anyone on this site wanting to crucify the Patrick Heller&#039;s of the world. </p><p><br /></p><p>Btw, there was just a groundbreaking study on mortgages from the mid 2000. It proves, without a doubt, that there was absolutely no correlation with exotic mortgages and foreclosures. Do you know what is the root cause, (accounting for all other variables, income, education, ethnicity, geography, etc)? The borrowers ability to answer simply mathematical questions like:</p><p><br /></p><p>1. If something is 50% off, and it was priced at $300, what is the sale price?</p><p>2. If you buy a car for $6000, and that is 2/3rds the original asking price, what was the original asking price?</p><p><br /></p><p>Simple questions like this. More than 50% of Americans could not answer correct more than 2 out of 5. If you are mathematically illiterate you were DRAMATICALLY more likely to be foreclosed on, no matter what your mortgage, than someone who can answer these simple middle school questions. Yes, greed caused the housing bubble, greed on the part of homebuyers buying a house on the assumption it will go up 20% a year and taking out a mortgage they financially did not understand. If anyone is to blame for the whole mess, it would be the trajic joke of an education system in this country, and lazy students. Make no mistake though, this new Harvard study shows whatever structure a mortgage was, the main determinant of foreclosure had nothing to do with the mortgage, it was the financial literacy of the homeowner that was the root cause.[/QUOTE]</p><p><br /></p>

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