A number of folks are trying to affix responsibility for this recession and financial crisis on home buying borrowers. That is illogical, and here is why.
First, for as long as there has been credit, a couple thousand years at least, it has been the lender who bore the responsibility for the quality of the loans they chose to issue. It is the lenders with the experience and mathematical expertise to assess the credit worthiness of potential borrowers. Not the sharecropper, cobbler, or Indian Chief. In a society which functions along lines of specialization of labor, it is the creditors specialized in assessing risk, not their potential borrowers.
Continue reading Myth: Homeowner Borrowers Are At Fault.
