Quote:
Originally Posted by secondcurve
It's not the Banks!!! It is the government. Please read the papers. The government started the housing crises by keeping rates artificially low and mandating that every stiff who could fog a mirror should own a home. Now the government is suing the banks for having made those loans even though the banks provide the lubrication for the economy to do well. Were there bad bankers, appraisers, borrowers, etc.? Yes. However, the banks took 95% of the blame. Put yourself in the banks' shoes. If you make a loan and fail to meet government guidelines you will be sued. Your President will condemn you for trying to screw the little guy, etc. etc. Fear not, this problem can be fixed and all of you, especially those residing in NH, will have the opportunity to do so next month.
|
Exactly correct! The government started this entire debacle with red line zones which forced the banks to make loans to those with inadequate financial solvency under the guise of "fairness". Now they blame the banks, the insurance companies and everyone but themselves. And to boot, the taxpayers have to foot the bill. Excuse me, but some of these folks in Washington think they are so bloody smart. They can fool some of the people some of the time, but certainly not all.