^ i think what some others are saying is that bankers (or people who were acting as the loan officers) should have been a bit more i guess restrictive.
In the last few years, it was just sooo easy for any person off the street to go get a huge loan. The thing is, when a bank tells you, you are able to afford such a such amount... these people should really put their thinking caps on, think about what their monthly expenditure is, their bills are.. and see whether they can meet the installments. And they shouldnt just think about the present.. think about how it'll work on one persons income..
These days, it has become a lot harder to even get $300k loan.. but im quite pleased about that...
Yes, banks were at fault for not doing proper checks.. but people going for the loans could have been smarter. Afterall, its them who are going to lose in the end if things go bad
Here' a simple question ,
When there is a christmas sale, do we sit behind and watch or do we also rush in to get some good deals ???? majority rush in to get the right deals !
we are least bothered whats happens to the store's profits... some of us even go slightly overboard our budgets for a really good deal thinking this is a cheap deal .....
later if the store goes bankrupt for selling expensive things at such low prices ..... *would you blame the consumer for buying things at rock bottom prices or the store for selling them at those prices ???? *
*who would you blame?????? *