What has banks done to us on subprime woes?

You know it is the dang banks and other financial insitutions who shot there selves in the foot with subprime! It%26#039;s about time these morons stopped trying to make money off of poor people!! Rich people don%26#039;t need a deal, rich people don%26#039;t usually play slot machines or the lottery, and it%26#039;s about time it backfired!!! Stop making money off of poor people!!!!

(...ie... rich people get good interest rates, so tell me how a bank can make money off of a rich person?? No late fees, they pay on time, and they have the income to keep up.... no banks make money off of poor people who screw up then they FEE them to death!!)

Our whole stinking society lives off of poor people who NEED all these dangling carrots the stupid banks are throwing at us!!!

What has banks done to us on subprime woes?bad credit loan

I understand your frustration. I am with you. However, it is slightly more complicated than this. Alan Greenspan was in favor of what is subprime lending. Investors demand certain returns for taking on risk. Greed is the underlying problem. I%26#039;m in an MBA program and this point is made again and again. Greed is what is destroying this great nation. The rich get way too many breaks. It%26#039;s because the banks want their business. Banks make money off the rich and the poor. The rich have more resources so it%26#039;s easier for banks to cut them a break because they are still making money. With all of the information available, banks know which customers are profitable and which aren%26#039;t and charge accordingly. The rich don%26#039;t care about the poor. They are at the bottom. If you don%26#039;t vote democratic, please consider it. Dennis Kucinich. He is truly fighting for the rest of us and not beholden to any special interests. I have voted Republican in the past but will only do so now if I must, otherwise I%26#039;m voting for the best democrat. I%26#039;m tired of the rich having all of the power too.

What has banks done to us on subprime woes? loan

would you like to propose a solution?

preferably one that still lets the banks%26#039; employees be paid, ok?|||Maybe you should take Angelo Mozilo%26#039;s place as CEO of Countrywide? I%26#039;m going to assume you are liberal because.. well everything you%26#039;ve said shows me you are. Number one, Countrywide, B of A and Wells Fargo (All with Mortgage Companies) built their business from the ground up. They deserve to be rich. Anyone in the world with a degree can be a CEO of a bank.. try it out. If you built a business.. lets say a restaurant business.. and you used your own money and your own hard work to turn it into a franchise and you made millions off of the poor people that wanted to eat there would you feel bad? Didn%26#039;t think so. Anyways, it%26#039;s a lot more complicated than that. Banks don%26#039;t make the rules, they follow them. Subprime was an idea created by investors.. those are the people you should be mad at... and what the investors say goes. So there.|||Is this a question or just an irrational rant?

Yes, banks bear some of the responsibilty for this mess. The financial firms who packaged the loans for resale do, too. So do the investors who bought them.

However, let%26#039;s not ignore the fact that consumers happily lined up for loans that they couldn%26#039;t afford without rapidly increasing home equity and future refinancing. They thought that the real estate party would go on forever and didn%26#039;t consider what would happen if it didn%26#039;t.

Am I supposed to feel sorry for people who were irresponsible and took on large amounts of debt to finance lifestyles that they couldn%26#039;t afford? Or, for people who signed loan papers that they didn%26#039;t read or didn%26#039;t understand?

Banks and mortgage brokers couldn%26#039;t make these loans if customers refused to take them.

Maybe it%26#039;s time for both American business and consumers to start behaving responsibly.