If your a lending institution, and Fred the freeloader walks in, tells ya he makes 9 bucks an hour, and has 4k for a down payment for a 300k home...You going to lend him money? Of course not.
The greedy bankers and lenders lost all sight of their professional lending ethics and standards. It was a free for all, and these lending idiots are directly responsible for lending people money, that they KNEW could not pay it back.
This is no secret friend. It was all about getting those loan commissions.
You can blame the poor slobs for wanting money, but that blame is misdirected. The greedy financial professionals were in charge, and it was those lenders that had the AUTHORITY to approve the loans.
The lenders screwed themselves and everyone else.
You seem to assume I am not blaming the greedy lenders drooling gleeful for their next commission, or the fraudulent ratings agencies that gave AAA ratings to risky securities or the government regulators who were completely derelict in their duty.
All are to blame.
That said, you still assign ZERO responsibility to the borrowers? Zero? None. Complete innocent little lambs who signed the liar loans even knowing the lender was lying about their incomes?
Zero? No personal responsibility assigned to the greedy borrower at all after living years in cheap rental apartments and suddenly living lavish like a king in a brand new house on the same burger-flipper salary that barely rented his two-room apartment?
Really? Zero responsiblity? None?