gdcox claims: You cannot blame banks when the applicant and broker collude to lie about income.
If the bank willing turned a blind eye, knowing that they would unload the loan to someone else before it went south, then yes I think the banks deserve just as much blame. It is astonishing to me that banks went along with this whole no-doc thing. What person or business lends out money without verifying that the person is who they say they are, and that they stand a reasonable chance of being repaid?
Also, you say we’ve lost respect for the law and I would say that we’ve never had respect for the law in this country. But what we have lost is respect for honesty, which I do believe we used to have respect for. And that is indeed much more of a threat to the USA than Iranians.
