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Originally Posted by The Lovely Mrs. tod
A lot of people who went in "over their heads" didn't know they were doing it...there was a LOT of predatory lending and "pick your own payment" action going on out there.
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Quote:
Originally Posted by LSPoorEeyorick
Well, be glad that you don't have any room for ignorance in a several-hundred-thousand-dollar purchase. Lots of people aren't educated enough, or are ignorant enough, not to know better. And they're encouraged to live the American Dream, considered a failure if they don't - and, yes, the predatory lenders pounced on them. Basically - be glad you're smart.
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About the only Latin I know is Caveat Emptor. While there were mistakes made on both sides (lenders and buyers), the majority of the blame seems to be falling on the lenders. We always want to go after the big bad evil corporation but I don't think that people (individuals) take the responsibility that they should.
Again, I am not letting the lenders off the hook in a wholesale fashion; just pointing out that a lot of people made some stupid decisions.