Reply #59: You have failed to consider that the price of housing is artificially inflated

[Greyhound]

because of this scheme. Specifically what was done was through legislation that removed the constraints requiring diligence and neutral valuations, the financial industry fueled unjustified inflation through fraud that was declared legal by decree, and exacerbated by allowing the lenders to also own the support industries surrounding the mortgage system.

$200,000 homes were routinely re-appraised, for mortgage purposes, at $280,000, then $320,000, then $400,000 and so on until the breaking point is reached. Each cycle, the mortgage company and it's subsidiary services made thousands more dollars and when the game was up, hid the fraud, now broken into multiple pieces, in the packages of similar MBS.

When some charlatan sells "A New Rolls Royce" on EBay for $99, and it turns out to be a new model of a Rolls Royce, we prosecute him for fraud. This is what the financial industry did, and now we are expected to buy up these models at the price of a real Rolls Royce.

All this "personal responsibility" crap is just that. You are blaming the victims of a fraud for being defrauded.