sorry....McCain is correct in many ways and I speak from experience (I insured houses for the longest time)....
the banks were giving away mortgages and money to people who would usually not be approved for a credit card....
I would see people in the northeast who made 50K/$60K/$70K annually purchasing houses for $450K/$500K/$600K and they were receiving 100%-110% mortgages from banks for the purchases- it was sheer lunacy and the writing was on the wall for the coming implosion...
the borrowers have to take a hit to but these banks gave away money like they could care less without properly underwriting the risks...
I agree with you. Lending institutions have to exercise restraint or they’re just sharks. You can change business but you can’t change human nature (the customers). That’s why banks and brokers have to be regulated.