Quote:
Originally Posted by seattleflamer
Ok. You don't like the word sympathy. How about taking responsiblity for your own actions? What about the buck stopping with you? From Dick Fuld of Lehman all the way down to some buyers, why is there a sense of entitlement that you deserve something or you can pass the blame?
It is a systemic issue that includes buyers right at very bottom of the rung. There is no right to home ownership and it doesn't magically stop at the brokers. Noone put a gun to buyers' heads and say buy, buy, buy. If they felt pressured to purchase then that was their mistake just as it is wrong to sell a mortgage that you know the person can't afford or create an appraisal that make the mortgage approval work or create financial products that created moral hazard.
Utimately, it is caveat emptor.
The "American Dream" lives on and people are still buying who waited because they couldn't afford at the time or guessed that we were in a bubble and are rewarded for their patience.
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The buyers did nothing wrong, they were offered a product, a house and a mortgage, they have utterly fullfilled their part of the bargin, they lived there until they could no longer afford it and then moved.
It was/is solely the vendors job to decide whether they were a good risk or not.
GM decided to sell badly made cars cheaply throughout the 80's, it isn't the fault of people who bought their pieces of crap that that business model ment that they ended up tanking and had to bailed out.