After the tables have turned
Ballad of the Housing Crunch
| Approximately to the tune of Bob Dylan's Like a Rolling Stone. |
by Fred E. Foldvary, Senior Editor
Once upon a timeyou were a man who bought
a lot of land!
Speculators like you were buying real estate
with no money down!
It was easy to have a bash.
Banks said please, take the cash!
Now you’ve gotten repossessed.
You feel obsessed and repressed.
You can’t make your mortgage
any m-o-o-o-o-o-o-r-e!
You’re bankrupt now, landless!
Like an unsold house.
Oh, you used to laugh at those who
owned no land.
You were getting richer and richer
just holding sand!
Now you don’t feel so grand.
Now you finally understand.
How do you feel?
How low can you reel?
Like a roiling home!
In 2003 the federal reserve pushed interest rates down
way, way down!
Mortgage brokers came and said,
“You can’t go wrong!
So what if interest rates go up?
So will the land, up and up!
You’re a fool if you don’t invest.
Speculation is the game.
On the contract, put your name.
So, would you care to make a deal?”
How does it feel?
To be thrown out?
To have your money gone?
With no direction but down!
Like a house unsold!
Oh, Freddie Mac and Fannie Mae
came by the other day
and said,
“We’ll do tricks for you!
We’ll buy your mortgage
and then you bankers can
roll the loan again!”
What a wonderful game they played.
Flipping and flopping, they had it made.
I just wondered who would be last to get paid
when the bubble burst, and then
all the losers cried again.
“Bail me out please, ten times ten!”
How does it feel?
Oh, how does it feeeeel?
To have nothing to own?
Like a rolled up home!
Like a house unsold!
|
Also see: Real Estate and Homeownership
Can't afford housing? So redefine affordable!
Corruption? Bribery? Capitalism? |
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