"American Casino" - Doc Investigates Roots of the Subprime Mortgage Meltdown 3 of 4

[2nFro1]

jimtrueblue99, Are you a highly intelligent person? If so,do you assume everyone is as intelligent or as diligent as you? Can you strip and rebuild your car if it has a problem? Can you act as your own lawyer,or can you diagnose an internal illness? People who are not experts in a specific area, or highly evolved ability to grasp complexities,usually turn to and trust people who are. The expert is the person you are dealing with on a subject. Esq or MDD. Who do they turn to for mortgages?

[jimtrueblue99]

You must be putting me on. You wouldn't ask for a second opinion if a doctor claimed that you needed a major operation? You wouldn't try to find an honest mechanic before you had your car serviced? You wouldn't read the contract before you took out a $500,000 loan? Hello? If you won't think for yourself, who's supposed to do your thinking for you?

[2nFro1]

Dont get me wrong,I would and I do. I guess youre assuming everyone is as smart as you, since you clearly can digest ever word in a complex contract. And how do you know if you found an honest mechanic? Do you know how to fix a car well enough that you KNOW what he tells you is true? How do you know if you found an honest lawyer? You Dont, You trust you did. Ever buy a car, and they ask how much would you like your payments to be?, well youre being scammed. Even smart people get taken

[jimtrueblue99]

It's not a matter of being "smart." It's a matter of being careful and doing due diligence. Before you spend a zillion dollars, it takes a modest amount of research and simply asking questions to find out whether you're dealing with honest people or not. Why do you think we have consumer protection groups, Better Business groups, etc? If you don't care and can blow a big wad of money, go for it. That's what Las Vegas is all about. I prefer to be careful.

[Orical001]

@jimtrueblue99 agreed people should that responsibilities for his/her decision...

[LEONID1976]

Banks want to help people, you should not borrow what you can't afford. No one held a gun to anyones head. No one was received you can read your docs.

It's no ones fault if you can't read you sign it you owe the money. Poor bank lost alot of money & stocks crashed. Poor shareholders lost everything.

Trust was given to people & then the banks lost money as they never got all there money back.

[LEONID1976]

Banks want to help people, you should not borrow what you can't afford. No one held a gun to anyones head. No one was received you can read your docs.

[sugarhigh0307]

i don't think that i should have to pay because the greedy banks gave out mortgages to people they knew couldn't pay for them, just so they could make some extra bucks, and pass off the risk. Because the banks weren't responsible with who they give mortgages to, the rest of America is in a shitload of trouble. That's so messed up. It is the banks responsibility to not give mortgages to idiots who don't have jobs yet want a mortgage that they can't pay for.

[elkabong]

The thing that frightens me most is how no one seems to be able to identify the origins of this mess. I am not saying I understand the entire crisis, but I am a student of my own folly. If I make a mistake, I am quick to discern what went wrong and learn from them. Stating there should be someone to protect me and delegate responsibility in my life to prevent it from happening again is a declaration of incompetence to provide for and protect myself. I am a man, not a child.

[elkabong]

I love this mentality that if you get scammed someone else should pay the bill. Jimtrueblue99 I agree wholeheartedly with you. If you do not understand something do not immerse yourself in it blindly. Especially if you know it will burden you for 20 to 30 years. Saying the home owner shouldn't have to pay is a short-sighted comment. The question is, "Then who?" The bank? They are bankrupt and getting bailed out as we all know. So in essence she is saying, " You and I should help out."

[jimtrueblue99]

If the borrower doesn't understand the instrument he's asked to sign yet signs it anyway, how can that be anything other than irresponsibility for which the borrower must bear the blame? The borrower certainly understood that he was signing an instrument that committed him to 20 or 30 years of financial responsibility. To make that commitment without understanding it fully is the very definition of irresponsibility. The lenders may be crooks, but the borrowers were nitwits.

[2nFro1]

Also, when you last took your car into the shop and had to pay $ for that repair, or needed that lawyer, or ever had your tonsils out, who did you turn to in order to be entirely, absolutely positive that is exactly, without question the best service provided in your best interest? Did you even find out what exactly what the tonsils function in the human body is before having them yanked out?