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Posts: 9883
11/15/2011 2:12 PM
You need to read about the housing crisis, because you're just factually incorrect here. Yes, people received loans they should never have signed for. But these people were targeted by banks to default; these are people who were uneducated and pressured into signing contracts they did not have time to read or understand.
Don't you think there's a reason why poor African-American and Hispanic residential areas were foreclosed upon at a much MUCH higher rate than everyone else. It's called predatory lending, and banks go to neighborhoods where people can't generally get loans and offer these amazing deals. People everywhere need loans, especially poor people. The choice is either don't get a loan because you know you can't afford it and lose your house/don't eat/etc, or get a loan from a bank offering amazing interest rates and you think you can afford it except oops! Three months in, your interest rate triples!
Why is it easier to believe the MILLIONS OF PEOPLE had the exact same thing happen to them all over the country, but it must be something they did wrong? If millions of people all have the same symptoms of an illness, do people say "oh, it's their fault. They should own their sickness." Or do they say "there is a disease running rampant across the country, getting people sick. We have to find the disease." Predatory lending is a disease, and massive foreclosures are the symptom of a very very very broken financial system that caters to the rich who can afford to victimize the por.
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