Upside Down Mortgage

Banks Subprime Crisis

Question: Do you think people(buyers) or banks are to blame for the subprime crisis?

I really place very little blame on the banks. It is the responsibility of the buyer to determine what they are willing to afford for a mortgage and to determine if the price of the home is accurate. You cannot blame wall street for everything.

My 401k plan is down over 250k since 1 year ago. Should I start blaming banks for that too? This is my problem. My decision to invest, My failure to get out of the market in time.

If we start bailing out home owners that made idiotic decisions, why should I not get the same bailout for my losses?

Answer: I agree with you. People need to stay within a budget they can afford and not go through shady outfits for mortgages. All that crap that comes in the mail that promises cheap mortgages, people should know better than fall for. Only deal with reputable mortgage firms that you can trust. And, if it seems too good to be true, than it probably is.

Credit CRISIS Animation Sub Prime just PRETEXT Banks Brokers Mortgages Foreclosure Money and Debt

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