Interesting.i agree that the banks have some fault, but what ever happened to personal responsibility? nobody twisted their arm to make them buy a house they knew they couldn't afford. if you can't afford it today, what really makes you think you can afford it tomorrow?
I am intrigued by most people's belief that "government" or "banks" (in this instance) are a collective of people which constitutes an entity for which responsibility is diminished, instead of seeing these organizations as a collection of individuals who also have have individual responsibility.
You criticize the individual homeowner for buying a house they knew they couldn't afford. How do you know this? If you look at the other side of this equation, you find a "bank" individual telling these potential homeowners that they can afford that home because they will tweak the figures to make it appear as if they can afford the house....and we are not worried about the collateral you dont have....
Potential homeowners were told that they could afford their houses. Their arms were not twisted, they were given the loans by individual loan officers.
Why don't we hold individual loan officers personally responsible for giving loans to people they knew could not afford the loan?
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