Originally Posted by registerthis
Which does not in any way remove the "personal responsibility" that one has over his or her own financial affairs.
But these banks that doled out loans for individuals that were so out of proportion to said individual's financial status as to be laughable shoulder a significant portion of the burden as well.
I couldn't agree more.
It's pretty obvious I'm big on personal responsibility when it comes to finances, but the current "mortgage crisis" (hate that term) is equal parts people taking out dumb loans and banks making dumb loans.
As far as I'm concerned if you took out a loan you knew (or should have known) you couldn't afford I don't have much pitty when the sherrif is escorting you off the property. However, if you made a bunch of loans you knew the borrowers likely couldn't afford I don't have any pitty when the corporate earnings take a body blow. You make bad business decisions, you pay the price somewhere down the road.