Understanding The Issues: Subprime/Housing Crisis

[Schneed10]

Originally Posted by Sheriff Gonna Getcha

I don't know which candidate has a better plan, but the lenders and borrowers were dumb. The brokers may have been slimy with the borrowers, but the lenders did not want to see people lose their houses. The lenders wanted people to borrow as much money as possible without going into foreclosure. As others have noted, the borrowers often got ARMs for houses they couldn't afford and now they are paying for living beyond their means. Sure, there are exceptions, but I that those sweeping generalizations pretty much capture what's happened.

Going forward, I'll support any plan that helps the economy (helping the borrowers/lenders is just gravy). Unfortunately, I have no clue what that plan would entail.

My mindset matches with this pretty much exactly.

In some cases, lenders did prey upon the elderly. Still though, being old is no excuse for signing something without knowing exactly what you're getting into. Borrowers have to take the responsibility for making decisions without fully thinking it through, or failing to understand the risks. It takes two signatures to enter into a mortgage contract. Both sides need to act responsibly.