Posted On: September 29, 2008, 12:39 pm CDT

Posted By: Rosco

I know it is not popular to pick on the "little guy" or the "the hard-working american family", but greed works both ways here. Yes it was dumb to loan people money who can't pay it back, but it is equally stupid to borrow money you know you can't pay back. From my understanding these greedy folks basically bought a house on a "no-intrest for a year credit card" and then defaulted when the rate ballooned. They put no money down, so they didn't have a lick of equity and now it is the Big-Bad tricky lenders who bamboozled me and forced me into walking out on my morgatage and leaving my fellow americans with the bill. I am sure there are some legit cases where this happened, but if you don't have 3% and 6 months worth of savings you don't need house. You need a damn savings account! I definetly agree that laxed lending practices are at the root of the problem but so are greedy, instant gratification americans. We got in this together and now we are going to have to get out of it. One day and one dollar at a time. There is no quick fix.