Both sides are responsible, it is the bank’s job to determine if the borrower can pay the money back...there is no way the banks should be allow ed to skate on any of this...
You are free to look the other way while the banks commit massive fraud...besides nothing will happen to them, Obama has got their backs.
Fred said, “Both sides are responsible, it is the bank’s job to determine if the borrower can pay the money back...there is no way the banks should be allow ed to skate on any of this..”
Banks lend money because on paper you meet the criteria to pay back a loan. Are banks responsible if you spend your money irresponsibly and try to live over your means? Are banks responsible for every financial crisis that occurs in your life? Sometimes it’s your own fault and sometimes it’s just unfortunate circumstances in your life, but it’s not the banks fault if you default on your loan.
If you want to look for who is responsible for lowering the criteria on certain loans you can look at the President and Congress that passed the Community Reinvestment Act that forced banks to give out the low income Fannie Mae and Freddie Mac loans that caused our economy to go belly up. You can blame the Congress that said there was no problem and refused to do anything about the problem even when Republicans were crying out for them to do something way before our economy went belly up.
I’m not looking the other way, I’m just not getting my panties in a wad and running around half-cocked over this situation. I don’t think thousands of people are being thrown out of their homes because of bad paper work. I think their houses are being foreclosed on because they didn’t pay their mortgage payments. You can find a handful that have legitimate problems and this system needs to be straightened out, but most of these people are just disgruntled over their financial situation and/or looking for a way to sue somebody.
Obama isn’t interested in helping the banks, he is interested in undermining them and getting them under further government control.