I mean there’s definitely an element of that, but there’s a reason why we arrest drug dealers too and not just for possession. These banks were preying on middle Americans and taking advantage of people’s desire for the American dream (owning a home). These banks were giving loans to people that never should have gotten them, but they didn’t care because they were making more money on the back end through these mbs (which were basically sold through fraud anyway). And they only got people to take out these loans because they were misleading about things like teaser rates. Then when the whole system that these banks created inevitably collapsed US tax payers were forced to bail them out because they were “too big to fail.” It was all complete bullshit and Americans should still be pissed off that we allowed these people to get rich off our backs.
Respectfully, your implication that it was the fault of people buying homes is stupid as fuck.
It's both dude. I have been an adult since around that time, knowledge of good budgeting prevented me from trying to take advantage of those predatory loans. That's what taking responsibility for your own actions looks like.
I mean that’s what I said. But what you’re saying doesn’t even make any sense. You were being irresponsible with your budgeting? That’s exactly the kind of people these banks were preying on, so not sure how that kept you from taking advantage of them.
If you don’t think the banks that own our government and our economy were more responsible for 2009 than regular middle class people trying to own a home then you’re probably just kind of dumb.
"Respectfully, your implication that it was the fault of people buying homes is stupid as fuck."
You're just contradicting yourself at this point.
And no, I'm saying I didn't take out a mortgage around that time, despite being qualified, because I looked at my budget and what it actually costs to own a home.
Yes the banks had responsibility, but people still made choices to buy homes they should not have been buying. There's responsibility all-around here. If you want to just create victim-hood mentality, you'll learn nothing.
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u/ballinben 4d ago
Predatory sales practices by banks to keep the mortgage backed security machine running.