Bubble Development Team Heads To Russia
This South Coast article shows we didn't get here by accident. " Q: Is a system of mortgage financing being developed in Russia? A: Mortgage professionals in the United States have formalized an arrangement to help foster development of an affordable housing market in Russia."
I don't think these "professionals" know what affordable means. "'The real estate finance system in the U.S. is very efficient and greatly contributes to the strength of this country's economy,' said Jonathan Kempner, president and chief executive officer of MBA. 'We hope to share with the NMA those best practices and strategies that will help enhance their mortgage system, thus creating the same homeownership opportunities for Russian citizens that Americans enjoy today.'"
Then the focus turns to bubbles. "The 1970s farmland buying bubble was inflated with high expectations of rapid inflation, soaring agriculture exports, rising commodity prices and accelerating farm income. Contract sellers and optimistic lenders floated land prices higher on a tide of debt." Sound familiar?