BF2S Forums The Plot Thickens In The Financial Front.

ATG wrote:

Pug wrote:

Acting like that magically these lending vehicles arrived overnight is wrong.  The consumer wanted it.  It gets granted.  Blaming the banks & the government is easier than blaming ourselves.  Predatory?  If it's called that because some poor guy can service a mortgage he can't afford, a mortgage he willingly signed, then how exactly was it created?  Its created because the consumer wanted it.

And the government and the banks allowed it to happen - to make people happy.

You are ill-informed. The government wanted the banks to create a new set of guidelines to write loans to poor people and minorities. They did that with little oversight or protection. Loan agents make thousands for writting a loan, the " closing costs ". That created a easy path to the loan writters to make large sums of money, as many more qualified for loans under the governments urging. Greed being what it is, there were many companies caring only about the short term profit with no moral qualms about screwing people, or writting farcical loans.