Real Estate Community Forum

Please take a moment to vote!

All of The Above?

Blame Canada!

You need a choice for "all of the above"

Nah, this is a witch hunt!

In my opinion, the mortgage lenders are the ones responsible for the mess. They were the ones who created sub prime mortgages to consumers who were unaware of what they were getting into.

I have heard from too many who consider the consumer responsible for getting into these loans. That's ridiculous! We all know of a time when we were manipulated by a fast talking salesman who convinced us to buy a product, sign up for more insurance coverage, or to upgrade to a new model computer, etc. We've all been there. These sales people know which key words sells their product. They act as your friend, but in reality they just want the sale and could care less about you. It's all sell, sell, sell! Someone should have been there to stop these people from innocent consumers who simply wanted the American dream of owning a home. These are the ones we should prosecute!

I think Allen Greenspan had a big part in this. He continued to lower interest rates so people who could not afford a house could buy more than they could handle. Eventually the rates crept up and they got hit. From there, it came down to greed on the part of investment firms, short terms rates rise, people can't afford their homes (or second homes), the foreclosures start, property values plummet, investment values go down, etc. It's a downward spiral that we're all familiar with.