People with no personal responsibility nor credit worthiness nor collateral nor worth, were the exact people banks sought to GIVE AWAY money to with these loans.That is the whole point of sub prime. You cant comprehend this can you?
I guess bankers have no responsibility for their shareholders. or the overall expansion of credit which affects everybody
You can't comprehend my point so you keep spewing the same insipid crap. Only a total loser would argue your side of this. Which is worse, lying on a loan application or failing to verify? If two parties (a bank and a consumer) enter into a legally binding contract and the consumer defaults, who is more at fault? You can't debate these without red herrings and BS.
Is that what happened with you Landis82? You seem to have a personal interest in bailing out the deadbeats and freeloaders.
FAILING TO VERIFY...obviously. Banks encouraged lying-remember 'stated income'? If you didnt understand this concept then you should by now.I would never lend money to a stranger without collateral,credit check etc..would you?Basic common sense. But in this case we are talking about hundreds of thousands of dollars being loaned out to strangers with poor credit,no documentation.Again banks intentionally sought out people who were irresponsible with finances...its called SUBPRIME/LIAR LOAN/NO DOC/STATED INCOME for a good reason...still dont get it?
Conversation has degraded (yet again) into a flame war. Into chit - chat an otherwise decent thread goes.
Simple question for ya, T666. Have you ever been denied a loan? If yes, why? If no, then perhaps you haven't been around long enough to understand how the system USED to work. We can't help that ...
Snarfed?? Now if you said "snarted", I think I would get it. Or of course, "sharted" would also be understood. Hmmm.
I asked: "Which is worse, lying on a loan application or failing to verify?" to which you responded as below. You've just proven that you're a dimwit and you lack a sense of personal responsibility. Lying on a loan is active fraud. Failing to verify is passive negligence. You need to be protected from yourself.
I've never been denied a loan and I've never needed to be protected from myself unlike many people here. While my age is none of your business I bought my first house 25 years ago so I totally understand how the system used to work.