Austinloop
join:2001-08-19
Austin, TX
| reply to kapil
Re: O RLY?
I would take exception to your assumption that the lack of oversight of banks is the cause of the mortgage mess. The blame needs to be shared with those people that took out mortgages that they knew would be a problem for them to repay when the interest rate changed. You have just as much greed from the individual buyers, in some cases, as you do from the banks. |
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kapil
The Kapil
join:2000-04-26
Chicago, IL
| said by Austinloop  :I would take exception to your assumption that the lack of oversight of banks is the cause of the mortgage mess. The blame needs to be shared with those people that took out mortgages that they knew would be a problem for them to repay when the interest rate changed. You have just as much greed from the individual buyers, in some cases, as you do from the banks. Yes, nothing can substitute personal responsibility. Individual...and at the corporate level.
A LOT of people knew they were taking advantage of system with holes in it.....but a lot of innocent homeowners got taken for a ride. There are no innocent mortgage brokers or real estate brokers, or lender, or appraisers. And I work in that industry.
Realtors have a fiduciary and ethical responsibility to act in the best interest of their clients. Mortgage brokers aren't fiduciary, but to have a legal mandate to do things legally and ethically. Appraisers are also ethically and legally bound to do things right...lenders have more laws that bind them.
But everyone let greed take over. Lot of that going around these part 8 years.
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»PropertyMaps.com - Real-time, map based, nationwide MLS property search! |
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Austinloop
join:2001-08-19
Austin, TX
1 edit | Isn't ethics and the entire real estate industry, like used car sales, an oxymoron??
And the above observation was made prior to the past 7 years. |
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pnh102
Reptiles Are Cuddly And Pretty
Premium
join:2002-05-02
Mount Airy, MD
 ·Comcast
| reply to Austinloop
I blame the banks as much as I blame the borrowers.
It isn't like the banks don't have tools with which they can verify peoples' credit. The banks knew full well that these borrowers were in no position to pay these loans back once the rates re-adjusted but chose to lend the money anyway.
Any "bailout" will simply enrich these banks at the expense of the taxpayers, and only serve to encourage more bad loans.
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Only SHATNER is Kirk. |
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kcir
join:2005-07-30
Butner, NC | reply to kapil
To make matters worse executives of this failing companies are leaving with severance packages in the tens if not hundreds of millions of dollars. WTF is the only comment I can come up with. |
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