D_Sir Fitzwilly Wankheimer III
Experimental Member
They weren't forced to do it. Just because people in our government pushed banks to lend money to those with lower income didn't mean that they had to create controversial programs that looked at every opportunity to take money away from their borrowers, overcharge them with fees at every single turn and not offer them the help they needed to pay bills when they actually needed it. And sure... it's easy to say "buyer beware" and all of that just like if this was a game of "Let's Make A Deal". But we're talking about a home... a place to sleep. A FAMILY NECESSITY. We're talking about getting enough money to own and maintain a home or apartment with the most humble of amenities. Not to get some "luxury condo" or two story house in the rich part of town. Surely, SOMEONE could have looked at all of this and tried to figure out a much better way to get money to those who needed it. That is, if that was the bank's real motives to begin with.
Unfortunately, money has a way in blinding people from what's really needed. It does, however, aid to some really good cop outs as to why the banks failed in general. I suppose you don't think the term "predatory borrower" applies here, do you?
I belive that you are soleey responsible when you enter a contract. If you aren't 100% sure what you are getting into than you have no one to blame but yourself. Ignorance is no excuse.
Those penaties are in place recoup losses when the high risk groups default. All integrity is lost. signing an agreement means nothing anymore. Oops my house is worth less than what I'm paying for it. i've got no realm personal investment in it I'll let the bank have it and use my mortgage payment to go on a cruise. People who earn their way into home ownership are much more likely to protect it and take care of rather than someone who just is given a loan. Look at habitat for humanity. ever go back a couple years after the fact to see what kind of shape the place is in? It's pretty sad.