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Originally posted by ~Lucidity
This is a sick twist on it. Wow. Should people maybe have known better? Yes. But you know? For the most part when you buy a home, you rely on everyone from the real estate agent, to the appraisers, to your bank or mortgage company and your closing attorney to be upright, honest and professional. When you have any or all of these people colluding with the crooks who were pushing them? The "poor" person really doesn't stand a chance. Utter hogwash.
Originally posted by kosmicjack
It wasn't the "poor" or the Right or the Left who were sending unsolicited credit card applications to my home or endlessly calling to restructure my mortgage. It was various corporations with little interest in the common good, a huge interest in the bottom line and almost zero liability.
Originally posted by indianajoe77
reply to post by simone50m
This is on topic because.........
Oh, that's right. Anyone that might blame both sides and not just the big, bad, banks is an evil right-winger.
That's how it ties into the foreclosure issue. I forgot this was a yeah-poor-people-boo-the-banks-thread.
Originally posted by TedHodgson
reply to post by Sestias
No, the rich caused the crisis by implementing the monetary system in the first place
The poor are just those that suffer in a flawed system that was bought upon them whether they wished it or not.
Originally posted by prexparte
reply to post by TheWalkingFox
It wasnt the banks fault the poor took out loans they could not pay back.
Several state laws included the assignee liability provisions, but were preempted by federal regulators. If those provisions had stayed in the law, investors might have been more attentive to the questionable actions of lenders and brokers. When investors are responsible for abuses in the loans they buy, Keest said, “they have some skin in the game,” and are more likely to closely scrutinize the loans in a securitized pool. Investors might have noticed sooner that the subprime loans they were gobbling up were going bad, fast.
As it was, the demand for securities backed by subprime loans was insatiable.
“The secondary market, it was Jabba the Hutt — ‘feed me, feed me,’” Keest said. It was a “two-demand market,” she said, with borrowers seeking credit on one side, and investors clamoring for securities on the other.