deadeyedick wrote:I thought that was the idea of a business. Maybe they should be altruistic?
I do agree that a bunch of Wall Street types should have been prosecuted right along with anyone who was falsifying loans including thousands of home buyers.
legit profit making is the norm...not fraudulent ways to separate the common man from his money, like the banks did then, with help from an over-zealous credit rating service...
the myth that so many poor people flooded the market for interest free loans persists...there was a housing bubble and home mortgage banks did their part to drive up hysteria...banks departed from standard practices, thinking they had to rush in and grab their share of the pie, so they gave loans to anyone who walked in their doors, and actually helped the poor and uninformed fill out the loan docs...
after the crash, insiders of home mortgage bankers said loan officers were directed by upper management to steer any customer away from standard loans and into the interest free ARM's, which they all intended to flip to corporate bankers who were anxious to buy and bundle...