Comments on: Are fraudulent practices partially to blame in the current mortgage crisis? http://www.bloggernews.net/19528 High-quality English language analysis and editorial writing on the news. Wed, 03 Dec 2008 19:09:42 +0000 http://wordpress.org/?v=2.3.3 By: SCH http://www.bloggernews.net/19528#comment-76918 SCH Sun, 19 Aug 2007 22:38:47 +0000 http://www.bloggernews.net/19528#comment-76918 Of course the industry is in large part to blame! While many buyers were ignorant or foolish, that's not illegal, and a certain amount of ignorance of the lending industry is to be expected as this was not their profession. Consumers rely on the expertise of the professional--otherwise why do we even have professionals? A lot of what the industry insiders did IS illegal and for good reason--fraud damages the economy and society. Buyers who were complicit in fraud ARE to blame, too. Many of the buyers were not buying to live in the house but buying as an investment, even buying multiple houses. That wasn't very bright, thinking prices could continue to go up at that artificially supported rate. Those people should also pay for what they did. How, though, will anyone sort out the crooks from the victims in time to do real victims any good? I think the best that can be hoped for now is to put as many of the crooks in jail as possible, hopefully as a deterant to others in this white collar crime. Of course the industry is in large part to blame! While many buyers were ignorant or foolish, that’s not illegal, and a certain amount of ignorance of the lending industry is to be expected as this was not their profession. Consumers rely on the expertise of the professional–otherwise why do we even have professionals?

A lot of what the industry insiders did IS illegal and for good reason–fraud damages the economy and society. Buyers who were complicit in fraud ARE to blame, too. Many of the buyers were not buying to live in the house but buying as an investment, even buying multiple houses. That wasn’t very bright, thinking prices could continue to go up at that artificially supported rate. Those people should also pay for what they did. How, though, will anyone sort out the crooks from the victims in time to do real victims any good? I think the best that can be hoped for now is to put as many of the crooks in jail as possible, hopefully as a deterant to others in this white collar crime.

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