AIG is the company that insured those no down payment loans. Used to be, you had to put down 20% of the homes value to get a mortgage. When borrowing became easier,banks started selling "mortgage insurance" that the borrower paid until their home equity reached that 20% worth. AIG set themselves up to buy those mort. ins. policies to free up banks, getting banks out of insurance business. When home values began to drop, the buyers began to see they'd never get their insurance dropped plus their house payments rising cause of Adjustable Rate Mortgages, caused a meltdown of historic proportions.
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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