However, I do believe that banks should be held accountable for giving loans with 0% down, with no means for paying the loan back.
|This is the same bunch of bankers that require a farmer to put up collateral equal to the value of 110 percent of a farm loan.|
|I know a young couple that was given a home loan that would require 75 percent of their entire income to make. They are going to eventually lose their home. I also know of a couple that has already lost their $250,000 home. The wife is a waitress; the husband does odd jobs around town. They made one payment only, then after a few months the bank took it back. In my opinion, the banker should be held accountable for this loan, and the couple should suffer the consequences of losing their home.|
|Face it. The world will always have poor people. And no, they should not be treated (when it comes to giving out loans) equally. There has to be accountability for a stable economy.|
|We may be on the cusp of a big societal change, in terms of the assumptions upon which Western societies reward those who make/provide products and services. Likely that globalization as we have come to know it will change. |
In the long run, for the sake of healthy capitalism, this is all probably a good thing, imho.
All times are GMT - 7 Hours