Reply to What I don't get: When people complain that they are drowning because their house is underwater

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[quote=Anonymous][quote]Ultimately, it's the buyer who decides, not the bank. Sure, they can dangle a golden carrot, and perhaps you may think twice, but it's still the buyer's decision.

This is horseshit. If you think otherwise I'd like you to try walking into your local bank, tell them how much money you want, and wait for them to give it to you. Once upon a time, a lender had to practice sane lending. After the massive deregulation of the 80s and 90s, the brokers no longer had any incentive to do so. They'd cut loans, and sell them upstream to be bundled and resold again. The reason banks needed to be bailed out was that the fundamental distinction between commercial and investment banking was erased. [/quote]

Gimme a break.  You're seriously claiming that in 2005-06, if you went into a bank with an income of $400,000 per year and wanrted a mortgage of $500,000, the bank would refuse?  They'd simply insist on lendign yu $1,000,000, or nothing at all?

That, my friend, is horseshit.  More accurately, it's a tepid attempt to deflect any personal responsibility for the consequences of your decisions.  [/quote]

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