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Politics : Mainstream Politics and Economics

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To: Jorj X Mckie who wrote (7521)	1/26/2012 10:11:14 AM
From: Thehammer	1 Recommendation Read Replies (1) of 85487

The one group that nobody wants to point the finger at is the Public itself. At what point do the people who took out the loans that they knew they couldn't repay, have some responsibility? Great observation and I agree wholeheartedly. The bottom line is that no banker is going to write a loan if they know that 1) there is no way the borrower can repay and 2) the assets will be worth less than the loan amount. We also had al these "mortgage brokers" whose soul function was to match borrowers with loans. They made the 1/4% differential on the loan. The we had FNMa and his idiot sister buying up all these "toxic" loans. We also had a whole group of folks who thought they hit upon the key to great wealth - buying houses and flipping them. We also has artificially low interest rates coupled with rising commodity prices that added fuel to the bubble. It's like junk food. Eat enough of it and it is going to mess with your belly. Is it McDonald's fault for providing it? or your fault for eating it? The answer depends on if you are a liberal or a conservative.

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