Quote:
Originally Posted by jblum315
It had nothing to do with our government. It was the greedy banking system that did us in.
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Have to also respectfully disagree. The government created the guidelines and policies under their socially driven "everyone is entitled to own a home" programs. The banks and mortgage companies delivered loans to the secondary market through the FHLMC and FNMA conduits.
I have personally witnessed Federal examiners criticize banking institutions for not having made certain loans under the governmental policies. Safety and soundness were tossed in the wind so as to rationalize an otherwise poor loan.
And yes, it ultimately reflects an absence of personal responsibility.