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Great article about how large the mortgage fraud problem really is, and how the taxpayer will eventually be the ones who pay for the criminal banking establishment. Meanwhile the bankers avoid responsibility and continue to live like kings.
It makes you wonder what kind of people stand by, and tolerate this kind of criminal behavior.
Even in Mexico, there are some who try to stand up to the criminal cartels.
Not here.
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
I wonder what percentage of people lost their jobs due to outsourcing and that is the reason they lost their house.
i wonder how many people were able to keep their jobs because their companies out sourced certain things enabling them to stay in business and competitive.....
i wonder how many people were able to keep their jobs because their companies out sourced certain things enabling them to stay in business and competitive.....
I wonder how many CEOs/Boards of Directors outsourced not to save money and remain competitive, but to line their pockets with more bonuses.
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
For nearly 15 years the government engineered and economy that rewarded people very generously, to go into debt.
In fact the farther they went into debt, the more they were rewarded.
Some people knew instinctively that this could not work, and would end badly, but being one of those people, I can say it was really hard not to get involved.
I can easily see how people with less financial knowledge would give up after bucking the system for a few years, and just decide to go along.
I would say the division of culpability is more like 60% banks, 35% government and 5% gullible borrowers.
For nearly 15 years the government engineered and economy that rewarded people very generously, to go into debt.
In fact the farther they went into debt, the more they were rewarded.
Some people knew instinctively that this could not work, and would end badly, but being one of those people, I can say it was really hard not to get involved.
I can easily see how people with less financial knowledge would give up after bucking the system for a few years, and just decide to go along.
I would say the division of culpability is more like 60% banks, 35% government and 5% gullible borrowers.
Most of the people that I know that lost thier houses did so because they gambled heavily or overspent and drained their equity over and over and then hit a rough employment patch and had no savings to rely upon. In a few cases, catastrophic illness without health insurance was the culprit.
Banks facilitated greed, was this guy ripped off or gullible? Nope.
I know some friends that did this too on a smaller scale and are now forced to rent their extra properties they were thinking of flipping for a fast buck.
I DO agree heavily with your comments about the government. Remember too that the old tighter lending restrictions were attacked as racist 10 years ago as well.
Hey 50% of the culpability for the mortgage mess is on the shoulders of the people who borrowed money they couldn't afford to pay back. The other 50% is on the banks. So laying it all at the feet of the banks is disingenuous at best.
The homeowners didn't create the derivatives that are the true cause of this crisis.
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