Forum Post: Solution for people, Responsibility for banks.
Posted 13 years ago on Oct. 18, 2011, 5:11 p.m. EST by Leadership
(1)
This content is user submitted and not an official statement
The people should not be made responsible for the debts incurred based on the ballooning of house prices. Currently, as foreclosed homes are being sold (at realistic values), the people are incurring bad credit, lawyer fess and bankruptcy. The unethical ballooning of values of their home is the cause. The financial institutions that created this problem should not be allowed to continue to reap benefits from the problem they created. The people should at least be able to walk away free from debt. Release all incurred debts and bad credit, due to the ballooned estimates of houses, without lawyer fees! Let's get back to realistic values.
I think the government forcing banks to give loans to people without jobs was a very bad idea.