Quote:
Originally Posted by spence
Glad we can agree on something.
I would expect any business to do what it can within the law to create shareholder value. That firms like Countrywide did it in such a reckless manner would seem to put the blame on them first and foremost.
-spence
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The fault lies with the people who took out the crazy loans. They are the ones accountable as they are the ones that signed the loan/contract.
I agree that lending standards were lowered way too much by the banks and also agree that banks didn't have had the best "business practices". They didn't look out for the people but do any banks really do that with all the ATM fee’s, hidden charges, etc? All of that aside, they didn't actually FORCE anyone to take out these loans. Anyone who took a hour of their time and looked into what these loans were and how they were structured (risks involved) before signing them should have been smart enough to figure out that it was a gamble to say the least. Now they don’t want to be held accountable for their gamble.
I feel the responsible folks out there who educated themselves before making the “largest purchase of their life” and did the right thing are now stuck paying for the “poor me” people who won’t take responsibility but turn all of the blame on the banks.
Makes me shake my head whether it's a house, car, boat etc when people are only interested in "the monthly payment" but don’t look at the other details.
PS. I can't spell, this site needs SPELL CHECK