No matter how tragic they try to make these stories sound, I still can’t bring myself to be empathetic. When these people were buying these homes, the smallest amount of research on their part would have made them think twice.
People have always tried to borrow more money than they can afford to. It is the BANKER’S JOB TO SAY NO. What happened here is that bankers stopped saying no and instead pawned the loans off on the next sucker down the line.
You can blame the stupid people for being stupid but that’s not going to stop this from happening again. Stupid people are always going to exist and they will always do stupid things. The real criminals are the ones that engineered the whole MBS scam and the ratings agencies that didn’t accurately rate those securities, thus inflating their value.