kapil
The Kapil
join:2000-04-26
Chicago, IL
| Re: O RLY? 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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