Discussion in 'Economy' started by JimH52, Dec 1, 2008.
AP IMPACT: US diluted loan rules before crash - Yahoo! News
Plenty blame to go around, it seems.
Kind of silly to believe that the banks and big business would tell the government the unvarnished truth.
Also, it was actually Bush and the Republicans that pushed through the legislation that did away with down payments for mortgages for people with shaky credit.
In whose interests was it really to increase the number of motgages?
Banks interests, that's who.
Do we suppose that the fact that it became okay to do those NINA mortgages FORCED banks to do so?
Banks were making money had over fist writing those mortgages and since they (not the home buyers) got to decide if those people got those mortgages, then upon whose shoulders must the responsibility for this disaster mortgage problem really rest?
Upon the shoulders of the banks themselves and nobody else.
He who has the power to decide must assume the responsibility for the outcome of THEIR decisions, folks.
The Banks screwed up. The consumer could only ASK for a mortgage, they could not FORCE the banks to give them one.
Blaming the people, while comforting to some, I suppose, defies the logic of the responsibility of those in charge.
This sentence ruins the point you were trying to make in the rest of the post.
Consumers had the power to decide whether or not they could afford a particular mortgage. The fact that many obviously didn't put much thought into it, lays just as much blame on them as the banks.
You're an American, and an adult, Editec. For christ's fucking sake, take some damn responsibility for yourself! If you can be responsible for yourself, then so can any other adult.
Paul, if I must ASK for money, I am NOT in charge of deciding if I get it, now am I?
How on earth you can overlook this amazes me, sport.
You had the power of deciding whether or not you could afford to ask for it, Ed.
The ones who couldn't afford it, hold blame. So do the banks. So does the government.
There's no one who goes blameless in this mess, Ed. I spread it all around where it belongs, I don't make excuses for morons, no matter WHO the morons were. Be it consumers, loan officers, bank execs, politicians, or monetary policy makers. If we let even ONE of those go scott free, this problem will happen again sometime in the future. EVERYONE needs to be held accountable for their mistakes.
And yes, you are in charge of deciding if you get it. You could always change your mind and decide not to accept it. You can DEFINITELY decide if you want to accept less than they're trying to shove in your face, too. The ones who asked for $150,000 but were then offered $300,000 and TOOK IT, are definitely to blame.
It is not in man to control himself. That is why we have laws and regulations. Government had a role here and they did nothing to control the impending situation.
Some do, yes, but I'm not one of them. I thought it was amusing that the right wing on this board and out in the real world blamed and still blame the entire mess on the Democrats supposedly forcing banks to give NINAs to low income borrowers. So when it turns out that Bush is responsible for doing away with down payment requirements it is impossible to resist laughing about it.
Well I lean right Rav, and I'd like to think I'm not lumped in with that crowd. First of all I'm not naive enough to think one particular party shares any more blame than the other. I give everyone involved, including consumers, an equal amount of blame.
What upsets me the most is that the government is even involved in the first place. And the Left's Crony Capitalism involving Fannie and Freddie is beyond ridiculuous. Let's do this before it's too late:
Abolish the Fed
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