Barack Obama went to New York Thursday and blamed lobbyists, greedy
businessmen and complacent Washington politicians for creating “an ethic of
greed” that led to today’s foreclosure crisis.
Not long after he left the stage, the Democratic presidential hopeful attended a fundraiser held by his campaign in a room in the Manhattan headquarters of Credit Suisse, one of the major investment companies caught up in the subprime lending mess.
He basically said you greedy bastards got us into this mess now give me your money. Too bad Obama didn't blame one very important party that is part and parcel of the foreclosure mess. That would be the homebuyer. These people took on too much house, didn't know that an no-money down ARM would eventually cause them to pay a rate above their heads, and treated their houses like ATMs.
You can also blame those house-flippers that thought home prices would rise forever and took on 10 loans to buy 10 houses when they couldn't afford to pay the mortgage on one. These speculators and high risk homebuyers are just as complicit in the mortgage mess as greedy businessmen and complacent politicians.
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