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But we’re not all bankers, or financial gurus. We don't have financial consultants to safeguard our investments. Heck, we don’t all have the TIME to research these loans.
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Buying a house is not like buying groceries, or even like buying a car. When you're putting a six-figure amount of money on the line, you don't have time
not to research this stuff.
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Additionally, how should it have occurred to us our banks might be lying to us?
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The banks are selling a product. You
never take a salesman's representations at face value, no matter what he's selling. This is basic stuff. You don't trust the guy on your doorstep selling you a revolutionary new vacuum cleaner for a couple hundred bucks. Why do you trust the guy at the bank selling you a loan package for tens of thousands of dollars?
Are the banks guilty? Yes.
Are the homeowners innocent? No. The same greed that controlled the bankers, controlled the homeowners. It just manifested itself in different ways. When I hear homeowners argue that they "didn't do this on purpose, and it is mean-spirited to keep at them when they are just decent people who were misled, and are in trouble right now", I see a red-flag warning me that they still have the same sense of entitlement that made them easy targets in the first place.