>>184899464Saved this from earlier.
Nobody held a gun to people's heads and forced them to sign high interest 30 year loans when they barely had the ability to pay.
Subprime mortgage lending is a bitch and NO bank should have done it, but what could you expect? Banks needed to seek profit and at the time, the government backed banks were obtaining the lowest risk loans and offering a rate far lower than what other banks, even the giants, could hope to offer. They had to open up to risker lending.
In the end, it was the US that led them down the path to start bundling loans together and selling/trading them to other institutions. It was smart, in a sense, to treat these poor performing loans like a stock portfolio and diversify them to tons of locations around the US, rate them based on chance of repayment and more, but when the bubble popped, it was over.
Those that BofA truly fucked over, the 0.60USD demolished house and foreclosing on those that never had a loan to begin with, got what they deserved in the end. And it's sad when people attempt to say that they should worry about living under bridges, but they're far more well off than others now thanks to it. Not to mention this shit was in 2008 and 2009 when the polling is for the year 2012.
Frankly, the only people I believe that still complain about BofA are those idiots that signed for a McMansion at the end of the housing bubble.
The burst helped me completely. I picked up two properties for pennies on the dollar instead of irresponsibly refinancing or obtaining a second loan, because my current property was worth 60k+ than what I originally took one out for. It was the greed of the American public that fucked them over.
America is the land of the entitled in so many ways.