Originally posted by gokenin Lets not forget the many took out loans then that they knew they couldn't cover. They took out loans because they thought the market would never crash and they could simply sell the house in a few years and make money. They took out loans that were intrest only for the first two years and they could cover the intrest but once they had to start paying the principle they were screwed or they lost their jobs. They were allowed to take loans without income verification and then they were shocked when they couldn't pay. I dont own a home but heck even I know you dont take an adjustable loan rate you always take a fixed rate especially when the rates are low you dont bank of the rates always going down like they did at the time. There is plenty of blame to go around but I would include the person taking the loan as well as the banks.
Would you lend money to someone like that? don't you think people HONESTLY thought they could do it for whatever deluded reason? Or did they just buy it knowing the'd be thrown out on the streets in a few years? For the majority it makes no sense. As I stated previously, I talked to 2 of the very "types" of people you are "stereotyping".. They believed what was sold to them, by the people that should have known better... They lost, the "should have known better then to lend them the money" won. BIG TIME.
hindsight is 20/20..... and blaming the victim is pointless.... the ones I talked to actually knew they screwed up but had believed, at the time, it would work. imagine your mortgage resetting to double digits on a house bought in an over valued (who values these?? ) market because of what some "expert" told them would not happen......
Not everyone's a genus like you and me...... that's WHY we have checks and balances.... which had disappeared due to greed.
I blame them All.. from the idiots who bought "out of their station" to the greedy mortgage lenders, to the banks that "buried their problems" in bonds and the gov. that made it a bit too easy ALL AROUND.....
Least of all don't blame the banks, and realtors, and hedge funds... heavens.. it wasn't THEIR fault. People just5 took advantage of them afterall.... well who's really suffering now........
nobody I know wanted the gov. to "buy" them a house, or banks to "give them" a house.. Most would have liked to kept what they bought if they could make it work.... Unfortunately that is not the name of the game....
Stop trying to go along w/ the divide and deflect attitude of the REAL powers and gainers in this country.... nothing will change and well end up going right around again, and again, and again..... because to a few, it's damn profitable.. profiteering
As to losing their house because they lost their job why even mention that. People lose their businesses every day because their bad business people, or their market tanks, or any number of reasons.. It's part of the system. I've lost money when renters filed bankruptcy.. annoying but it's part of the game we play with every day.. big whoop..
this time the amount was HUGE, which shouldn't even be possible except if the SYSTEM ALLOWED IT..... it's soooo simple I fail to see how people don't understand this and prefer to "blame their neighbor"
A simple example of system failure..
In my state shooting off fireworks is "illegal" but oddly enough not illegal to sell, just use. There available everywhere here. Grocerie stores ect...... system failure. Everyone buys them and uses them but it's illegal. someone gets hurt.. blame the victim or the system???
both comes to my mind but the "system" is the MAIN protector based on studies, common law ect, which failed....so i side w/ blaming the system mostly....