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Kim Tran
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What about all the folks who took on debt they couldn't manage? It was THEIR obligation to know the limits as well as the banks. They're both at fault.
Blaming the banks for the mortgage crisis is like blaming trees for forest fires. The culprit are the persons who struck the match. These protesters should get a library card and read Yves Smith's "ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism." We know how it happened. They are just too lazy to read. Don't trust Washington DC to tell you what Yves Smith will. http://www.amazon.com/ECONned-Unenlightened-Undermined-Democracy-Capitalism/dp/0230114563/ref=sr_1_1?ie=UTF8&qid=1327085483&sr=8-1
I agree that people certainly helped to cause this mess, but the banks were more than pleased to make deals they knew would fall to pieces. And they lined there pockets in the process. People need to be better educated in how to handle their finances without a doubt, but corrupt banking institutions shouldn't be given a free pass because people are dumb.
Banks were and still are forced to make loans that carry a huge risk under CRA. Look it up. All this began in the 1990s under Clinton and Cisneros. It ballooned from there as FANNIE and FREDDIE increased the underwriting ratios to crazy levels. Banks were REQUIRED to make these loans which were bought by FANNIE and FREDDIE. They had NO CHOICE. Since the terms were dictated by F and F. If the loans were not made the banks faced Fines and worse.
Watchdog, it was the worse that really got the banks. They would NOT have access to the money unless they complied. Lets face it, it came down to the bottom line for these banks. Were they wrong to fold on this issue, you may say yes. But when it comes to your survival you can't always do the "right" thing.
Well guess we will now find out what happened and who's culpable as President Obama has ordered an investigation into the banking crisis. Let the chips fall where they may.
Hey Frank, no investigation is needed. Just read my post of 1/20/12. Do you think he will implicate his friends at Fannie Mar like Frank Raines who walked away with $90,000,000 after he destroyed the company?
Aidan
12:55 pm on Friday, January 20, 2012
What about all the folks who took on debt they couldn't manage? It was THEIR obligation to know the limits as well as the banks. They're both at fault.
Conservative NYer
1:20 pm on Friday, January 20, 2012
It's called personal responsibility folks.... try it sometime!
John Q. Public
1:53 pm on Friday, January 20, 2012
Blaming the banks for the mortgage crisis is like blaming trees for forest fires. The culprit are the persons who struck the match. These protesters should get a library card and read Yves Smith's "ECONned: How Unenlightened Self Interest Undermined Democracy and Corrupted Capitalism." We know how it happened. They are just too lazy to read. Don't trust Washington DC to tell you what Yves Smith will. http://www.amazon.com/ECONned-Unenlightened-Undermined-Democracy-Capitalism/dp/0230114563/ref=sr_1_1?ie=UTF8&qid=1327085483&sr=8-1
Sean A. McNerney
1:58 pm on Friday, January 20, 2012
I agree that people certainly helped to cause this mess, but the banks were more than pleased to make deals they knew would fall to pieces. And they lined there pockets in the process. People need to be better educated in how to handle their finances without a doubt, but corrupt banking institutions shouldn't be given a free pass because people are dumb.
Watchdog
3:25 pm on Friday, January 20, 2012
Banks were and still are forced to make loans that carry a huge risk under CRA. Look it up. All this began in the 1990s under Clinton and Cisneros. It ballooned from there as FANNIE and FREDDIE increased the underwriting ratios to crazy levels. Banks were REQUIRED to make these loans which were bought by FANNIE and FREDDIE. They had NO CHOICE. Since the terms were dictated by F and F. If the loans were not made the banks faced Fines and worse.
Francis T McVetty
9:13 am on Monday, January 23, 2012
Watchdog, it was the worse that really got the banks. They would NOT have access to the money unless they complied. Lets face it, it came down to the bottom line for these banks. Were they wrong to fold on this issue, you may say yes. But when it comes to your survival you can't always do the "right" thing.
Oscar Delannoya
10:21 pm on Tuesday, January 24, 2012
Im not going to lie I am part of the problem ..
Don Bartolo
4:56 pm on Wednesday, January 25, 2012
Well guess we will now find out what happened and who's culpable as President Obama has ordered an investigation into the banking crisis. Let the chips fall where they may.
Watchdog
5:13 pm on Wednesday, January 25, 2012
Hey Frank, no investigation is needed. Just read my post of 1/20/12. Do you think he will implicate his friends at Fannie Mar like Frank Raines who walked away with $90,000,000 after he destroyed the company?