Quote:
Originally Posted by BluPhire
I agree and I always shake my head at those of the upper socioeconomic because they should know better (I only say that because of the mentality of many upper socio, other times they are upper by salary and not upper by wealth so do we really consider them upper?). There definitely needs to be more education in lending.
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I understand that there were a lot of people (not necessarily in this area, but in general) who were told things like "oh, you'll never qualify for this (good) loan, why don't you apply for this (not-so-good) loan?" Certainly, as you point out, people should be educated, but someone who is not a mortgage professional can't be expected to have the knowledge of a mortgage professional. Same with the realtors giving bad advice. Even people who had lawyers later found out that they couldn't trust them either.
I'm not absolving the buyers of blame, but certainly many, many people were complicit.
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