Down payments just got bigger

I AM AN AMERICAN - BIGGER IS BETTER!!!

If you like Escalades, McMansions, SuperSized fries, and think bigger is better, then you are in luck. Down payments just got bigger! In this February 3, 2008 LA Times article we learn that banks have grown weary of finding themselves losing their shirts on loans that are larger than the homes that secure them. Countrywide is increasing downpayments from 5% to 10% of the purchase price in many areas.

Mortgage and real estate brokers whine that it's just not fair. Apparently they still think mortgages with really tiny down payments are a really good idea. Hey brokers, why don't you put your money where your mouth is. If it's a good time to buy, and you know better than the lenders that tiny down payments are a good idea, then why don't you counter sign for them? That would be Win-Win, wouldn't it? Unless you're lying, and you think house prices are going to fall more, and you just want to stuff your wallets at everyone else's expense.