I agree. We must also remember that our government applied significant pressure on the banks to make these loans. Can anyone say "Dodd/Frank"? Organizations like Acorn were also involved. All either knew or should have known that bad things would eventually happen. In other words, I think it was all part of a bigger plan that worked the way they wanted it to.
While many of these banks were forced to make loans I do not understand why they had to make them unfair to where the homeowner was guaranteed to lose their home. Interest coupled with inflation crushed the lower middle class to the point of where this nation no longer has the socio economic class anymore. Also, refinancing your home was a scam to begin with. Many who took that option had owned their homes for years and some even for generations... well, not anymore.
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