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Politics : MITT ROMNEY
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To: sandintoes who wrote (1762)2/14/2008 12:13:26 PM
From: Augustus Gloop  Read Replies (3) of 5586
 
This isn't worth arguing about - we are where we are. The banks abandoned lending criteria that had worked since the great depression. In doing so they violated good lending practices and loaned money to non qualified buyers. In the final analysis you must seek the lowest common denominator and in this case that's the Banks. Surely if the consumer knew they were taking on a loan that they couldn't afford then the banks knew it too. You and I will never agree on this issue (and thats ok) because my belief is that the buck stops with the banks when it comes to the lending procedure. There are some cases where what you say has merit. There was a ton of fraud that took place by home buyers where they inflated their earnings numbers. The problem is that could not have happened if they banks didn't create no proof of income loans. By doing this certain people got approved for loans that NEVER would have qualified in years past. The result is a housing situation that impacts everyone - even those who do everything right. Just sit back and watch in the coming months and years. We'll end up floating the banks out of this issue but they will be heavily criticized and the amount of regulation that will come from this will be unbelievable. It will be very similar to what took place in the brokerage industry after 2000. Furthermore, I think it's very plausible that some of the biggest offenders in the banking industry will end up doing time in jail. The fallout could be that major. Rather than argue about it (because I don't want to do that) lets just sit back and see how this thing plays out in the coming months and years
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