[onewhippedpuppy]

Originally Posted by the

Yep, we're in this mess because banks were greedy, and incompetent, in getting themselves in secured loans which were obviously going to become unsecured in large part.

The banks have the money, they are the lenders, it is their responsibility to make sure that they obtain sufficient collateral to secure their loans. It is their job to analyze risk, and the value (present and future) of their collateral. They fail when they fail to do that, and instead rely on the "good heart" of secured borrowers.

They failed. Their greed and incompetence has caused this problem.

(It isn't that much different than if the banks just stored their cash out in their parking lots in porta potties, to save on having to construct expensive safes, and installing expensive alarm systems and security guards).

That's total BS. The thread poster bought a house that he could afford at the time, and from the sound of it, can still afford. He wants to dump it because he paid too much and is now upside down. How is that the bank's fault? He made a stupid purchase in a bubble market, now he doesn't want to pay the consequences.

If you sign your name to a contract, you damn well better understand what you're agreeing to. Seems that many people in this country forgot that. Maybe if they brought back debtors prison people would take contracts more seriously.