Originally Posted by Snowolf
Oh yeah, I agree that there was greed on the part of the little guy too. "hey Martha, lets buy this 5 bedroom $500,000.00 home that is waaaaaay more than we need or can afford because we can get an interest only loan!"...yeah tha`ts a good plan. My point was that I think the actual dollar amount involved was a drop in the bucket compared to the horrible "investment" choices that the banks themselves made....
Yes, the dollar amount in this situation was small, my point was that the customers that are being foreclosed on are not customers that make the banks money. The bank's are getting killed my "toxic assets" which are mostly mortgage backed securities or mortgage servicing rights that are full of foreclosed properties.
So in a way, the bank is f-ing the customer while the customer is f-ing the bank. Just a big f-ing mess really.