Ok, so here's the deal. Every time I read about the subprime crisis and all the fallout, etc., etc., I couldn't help but be bothered by it. I still feel the same. This disaster was fueled completely by the greed of everyone involved. Everyone has been harping on the lenders, but the recipients of these questionable loans are at just as much fault.
It was a sign that I saw as we drove Cara home that really set me off. Westbound 401 just past the 400, there is a billboard (an illegal one, but we won't touch that one this time) that said "
Life's too short to worry about the market." for some mutual fund or something. I'm sorry, but if you are willing to just blindly trust someone with some, or all, of your savings, then you deserve to be burned for being such a fool.
Yes, it sucks that you face foreclosure/had your mortgage foreclosed, but you shouldn't have been so greedy as to not see a flaw in your plan. If you were getting. A mortgage you shouldn't have been able to afford, then the odds are that you still can't afford it, and there's something wrong with your mortgage. At that point, you should read about the details, and see that, oh hey, you're mortgage is reviewed and at that point the rate can go up. Yes, it was wrong for the lender to downplay these risks, but you probably shouldn't be taking these risks.
The public should only be held liable for so much misinformation. At some point, someone needs to own up to the fact that they were a greedy bitch and went for something they shouldn't have because you were greedy.
AMEN BROTHER.
But, I certainly can't complain, the fed cut my student loan interest rates cause' of all this. whopee! There are some winners from this. (if only myself)