How much of this financial crisis can be attributed to irresponsible borrowing as well as lending?
Silly Yak’s Wife (D-FL) asked:
while i do agree that greedy banks loaning to people who can’t pay the loans is a major contributor… but where is the personal responsibility to know when one can and can not afford a loan? why is it the media is not addressing the irresponsible borrower?
while i do agree that greedy banks loaning to people who can’t pay the loans is a major contributor… but where is the personal responsibility to know when one can and can not afford a loan? why is it the media is not addressing the irresponsible borrower?
Hey, if you can be scammed that easily, I would be temped. Mortgage brokers should not be blamed. It is up to the person to know when to say when.
People got greedy. They could have done conventional 30 year loans, and not lied about their income. Too bad we are now paying for their mistakes.
As far as the home mortgage business is concerned, I think most people know where their limit should be, and took the risk anyway…
If you couldn’t afford to buy a house,( with 20% down and a 30 year fixed rate mortgage)……, and you let someone talk you into an arm or some crazy thing, so you could buy it……that’s your own fault…..