Wrong...Not when it comes to lending tens of thousands of dollars.
The poor slobs that went looking for loans had absolutely zero, zip, nada authority in regards to loan approval decisions. Of course everyone knows this.
The fact is, the bankers, lenders, and everyone else in finance would have lent money to a ham sandwich back then. Those greedy financial industry idiots were only seeking loan commissions etc, and lost all sight of their professional lending and standards ethics.
I agree with that assessment.
It sounds like you are assigning zero responsibility to the borrowers in these cases. Do you really think that personal responsibility should only be invoked by lenders and not borrowers? Are lenders to treat borrowers as helpless, dumb little children in the future? Are lenders to now steer you into certain loans for your own good, because you are too stupid to know what you need?
I won’t pretend there wasn’t a lot of fraud on the part of lenders, in light of the fact that many people who rated prime mortgages were steered and badgered into accepting sub-prime loans. So I don’t want to prepare this is nothing but Caveat Emptor.
But you are taking the opposite tack. Evil lenders are 100% responsible and innocent lamb borrowers have zero responsiblity.
Are you sure that you want to live in a future where the person signing a contract takes no responsibility whatsoever for what they sign? Is that what you want? Seems to be what you are saying.