Interesting read. Six pages, each illustrating every principal group responsible for this debacle. Interesting that they didn’t have a page dedicated to “The Buyer”, which is ultimately where the “buck stops”.
“Furthermore, there’s nothing inherently wrong with the loan products themselves, according to Dinham. “They were designed to give the credit-challenged a chance,” he says. “To see if they could make it.” ”
Huh, what? They were designed to provide a brokers/lenders an easy commission and then dump the problem on someone else. How exactly did they expect these FBs to “make it”? By doubling their income magically in a year?
Drivel. Targeted at a readership that is looking to blame anybody but the person standing in the mirror looking back.
Borrowers are to blame unless their broker defrauded them in their loan. Otherwise, the appraiser, did THEIR bidding. The Agent, showed them a way to do what THEY wanted to do. The lender, gave THEM the rope. And frankly in 99.9% of the cases, the broker, gave THEM exactly what they wanted which was a $450 payment for every $150,000 borrowed.
While consumers were left out the industry feed the frenzy and enabling consumers to do what is not in their best interests is what the article is about.
Yes many different people were involved and "enablers" with the demise of housing…but in the final analysis, the greedy home buyers were the real and final culprit…..
Most of the citizens of this country want to be treated as adults, but the truth is, they are mostly undisciplined adolescents masquerading as responsible adults…let em go down the tubes, too bad…..Cognitive dissonance and their addiction to instant gratification was and is their biggest enemy.
Oh yeah…one more thing….the citizens of ANY country get EXACTLY the government they deserve…….I am considering a move to Chile
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