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View Diary: Our Economy: MASSIVE FRAUD By Mortgage Industry. (269 comments)

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  •  In a way I can (2+ / 0-)
    Recommended by:
    sydneyluv, ZAP210

    see how they were tricked.  I know how bad it is to want the next step up even though you know you can't afford it.  If the loan people tell you that with the new lending practices you can afford the bigger place and they explain the scam well, some will fall for it.  I once had a person tell me that banking is different now and mortgages aren't figured out the way they were for our parents.  Remember, questions were answered with the full backing of the U.S. government, at least many were told this.

    Doubting Thomas said "well that's it, game over" and I said unto him "Oh Ye Of Little Faith! Abundant Time Remains!" And Lo! the heavens smiled upon Tomlin.

    by tobendaro on Wed Feb 25, 2009 at 05:40:59 PM PST

    [ Parent ]

    •  Absolutely. We're only human. (2+ / 0-)
      Recommended by:
      Lestatdelc, tobendaro

      We have wants and desires, and with borrowed money we can get what we want NOW. But this isn't a whole lot different than other forms of consumer marketing, starting with the way cereals are sold to kids.

      But there is a difference between enticing people to borrow a risky amount of money and defrauding them. Most lenders were guilty of the first, most were not guilty of the second.

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