Who was Responsible?
Was it the opportunistic homeowner who inflated his income in order to get a mortgage he couldn’t afford unless housing prices continued to rise? Or was it someone else? Watch this video.
Palm Coast, FL – February 9, 2011 – Millions of homeowners are underwater because of the housing bubble and subsequent subprime mortgage meltdown. Who was responsible? Was it the opportunistic homeowner who inflated his income in order to get a mortgage he couldn’t afford unless housing prices continued to rise? Or was it someone else? Watch this video. Watch it more than once. Then decide and vote in the poll below the video.
Take the Poll
Both are guilty but not equally
I think those who bought homes they couldn’t afford are guilty.
The bankers who re-sold dangerous assest are guilty also. But for the most part they sold to "experienced" investors. Not as guilty
Those who bought with the intention of "flipping" the property are guilty. They gambled and lost and I have less sympathy for them.
The quasi-government entities Freddie and Fannis and the elected officals who told them to sell to unqualified buyers with little or no background check and with no down payments are tyhe most guilty.
Missing a choice
I would have voted 20% homeowner for attempting to defraud the system, 30% the banks for defrauding the system and continuing to profit from it, and 50% (the majority) blame on the Congress for pushing the whole system to make home ownership unreasonably affordable.
Banks vs Homeowners – who is really at falut?
What happened to the bank(s) running a credit report before allowing someone to purchase a mortgage? If credit reports were pulled on the individual and thier debt to equity ratio fell below the credit standard the bank(s) should not have underwritten the mortgage. Therefore I am putting the blame on the bank.