Seems to me they preyed upon many. If you had grown up living in a family that had a hard time making ends meet , which is a lot of us. It's not hard to see how people could and were led to believe that they could get into a home. The lenders created the language of banking,just as lawyers made up their own language. Why? So we have to pay them huge amounts to interpret and navigate said language. Bankers did the same to those people, I believe. Even if they can't pay ,the banks got their house and all the payments made up until they stopped paying. Then the banks could sell their house too!! Probably not as lucrative because of the bubble pop. But who created the bubble??? Sub prime car loans will be the next bubble to pop, you watch!
RE: Who Should We Find Responsible For The Subprime Mortgage Lending Crisis?
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Who Should We Find Responsible For The Subprime Mortgage Lending Crisis?
Yeah I think morally im completely opposed to what they did, in many cases, it was monstrous, but the part of me that believes in the free market believes that as a private company they should be able to take risk and fuck up their own company. HOWEVER, when you fuck up and socialize the loss because you threaten to tank the economy, thats when things start to change my mind about making such predatory actions illegal. Its either going to be sub prime car loans, or student loans that are going to pop next. 08 set people back years of saving, so now they cant retire and people entering the work force can't find jobs.
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