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heeltap | Does the Stupidity of the borrowers excuse the greedy cunning of the lenders who created the subprime mess? |
Additional Details That All of America likes "to live outside of their means" is no excuse.
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A.Mercer
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Both sides are guilty. However, I do place more blame on the lenders than I do the borrowers. They actively sought out people to lend to that should not have had the loans. They set up a system to allow these loans to go thru. They were the ones who understood the system and all of the details of mortgages. However, they still wanted to lend money to people that just could not qualify. |
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▲ßûІІѕ vÅŸ ßèÄŗѕ▼
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actually there are 4 people/group to blame
1. people who buy stuff they can't afford
2. lenders who got greedy and ignored the risk factor
3. the Fed, Greenspan cut rate to 1% that encouraged lenders to lend to people with bad credit
4. OSAMA BIN LADIN! if wasn't for 9/11, the fed probably won't end up slash rate to ridiculously low 1% due to panic |
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lisa s
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YES!
It is no secret that the lenders are trying to make money.
Often times it is not the stupidity of borrowers it is the need for borrowers to live outside of their means |
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Sec Educashun
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Both are to blame. If people weren't such suckers this wouldn't have happened. I say let the market correct itself instead of trying to "fix" things that aren't going to be fixed overnight. I'm sick of people being bailed out for their own stupidity. |
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jace1994
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greedy cunning lenders and the scummy brokers |
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suspendedagain300
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No, it does not. Little children are not very knowledgeable either, it doesn't excuse the pedophiles who take advantage of them. Yes, I just compared the lenders to pedophiles. |
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heyteach
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No. I wonder how many lenders really understood as far as that goes. We've got NO real economics ed in this country and that WILL cost us all dearly. |
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fullblastus
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until recently, yes the greed was considered a virtue. now we will see all kinds of weird stuff take shape.
if you had a house before the meltdown, Congress will refinance it for you, you're in.
if you wanted a house, but didn't qualify before now, tough luck.
if you are buying a 2nd residence as an investment and tax write-off with Congress giving you attractive financing, hey, aren't you smart? |
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leonardhomes@sbcglobal.net
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Lisa hit it right on the head. The people who took out a sub prime loan in most part was because their credit wasn't good enough to do other wise. I had clients who were purchasing a home and had to go this way. They were well informed by the lender to keep their payments on time and to keep their fienances in line so when it came time for them to re-fi because of the adjustable rate they were on was going raise their payments, they didn't do it. they were slow pays and went deeper in debt. Now they are crying they can't afford the new payment because it keeps going up and they are going to loose their home. They were giving a second chance and they blew it. |
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Alowishus B
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Of course not. Each is responsible for their own part. |
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loafsta
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No. . . and if the greedy lenders were so cunning there wouldn't be a subprime mess. |
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Ronnie j
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The lenders were forced by Congress to make these loans. Most knew they were making loans to people who could not pay for them, but due to Congress forcing the loans, they didn't have much of a choice. |
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