Quote:
Originally Posted by dbotsfordtat
What? Are you saying banks are the victims? Really?
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No, absolutely not. I am saying that banks were just doing what capitalist fundamentals dictate - answer the demand with supply. If people want 5-15 ARMs because they don't understand what that really is and the banks see it as an opportunity to make money, then they will find a way to offer 5-15 ARMs. Don't get me wrong, banks and lenders are guilty (and so are real estate agents and companies), but they wouldn't have lended money to unqualified buyers if the buyers would have been educated and said "damn, I can't really afford a $600,000 house when I only make $100,000 a year combined income."