Quote:
Originally Posted by Cowboy89
I didn't know it was investment bankers and hedge fund managers that encouraged people to take on mortgages that they had no business servicing.
|
You can argue a whole number of reasons that started this whole thing. Yours is absolutely valid. So is the fact that bankers and managers speculated and leveraged like there was no tomorrow.
You can also argue that the fact that 0% down 40 year mortgage sub-prime adjustable rate products were offered by the financial industry absolutely encouraged people to take on mortgages that they had no business servicing.
The tougher regulations in Canada is to prevent these types of products from appearing. So I would say that the government agrees that these products are too much encouragement for the average person.