|Elflocko| Posted February 18, 2010 Report Share Posted February 18, 2010 [quote name='Bunghole' date='18 February 2010 - 11:18 AM' timestamp='1266520689' post='864175'] While I basically agree that the whole house of cards was bad, loans do not lend themselves. People have to sign paperwork/contracts to buy a home if they are borrowing money to do so. Knowing this, it behooves the borrower to know what they can and cannot afford, and what type of loan they are getting. Whom in their right mind would think it was a great idea to buy a $350,000 house with no money down and an ARM mortgage whereby the payments became out of reach after only a handfull of years? Again, equal blame goes all around, and I am only willing to argue the surface of this, without getting into the tying of bad loans to securities angle of it. ALL of it was bad, and it never should have happened. That said, you guys are also right. The banks should have never been in a position to offer bad loans to bad prospects. It defies common sense and good faith in lending practices. OTOH, you are a fool or completely ignorant of the process or mortgages if you buy a house under those terms. [/quote] What is the job of a banker, Bung? Link to comment Share on other sites More sharing options...
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