They're also still promoting "creative financing" to get in those homes:
http://www.nbnnews.com/NBN/issues/2006-10-30/Economics+%26+Finance/2.html I find this morally repugnant. I believe that this country is seeing a rise in foreclosures and mortgage fraud as a result of these practices, and no one with a conscience or a brain should still be promoting this type of financing. BTW, isn't Countrywide who gave this lecture to the NAHB still in some sort of arrangement with KB Home, which was fined last year or this year by HUD for predatory lending? SHEESH!
I DON'T have a lot of sympathy for people who willingly go along with shady lending practices, or who don't bother to do any self-education before they buy a house, but I also don't think the companies engaging in this should get away with it. IMO they're committing fraud and too few of them are actually getting caught and prosecuted. They should do prison time!