NYTimes: A.C.L.U. to Sue Morgan Stanley Over Mortgage Loans http://nyti.ms/V0A4ig
How do you look at the sub prime mess and blame it on the people who took loans they never should have?
I’ll tell you how. Failure to see the bigger picture.
This failure underpins our pilot-less plane phenomenon. Start with home owners accepting some responsibility. More importantly this article points to the systemic problem created by banks and mortgage companies. We have to acknowledge their role in our current economic problems. We also have to recognize their culpability for fraudulent loan activity.
It’s very easy to point fingers at the low income home owner who got duped by the bank. Why has it taken so long to hold the responsible parties accountable for their widespread fraudulent practices. The homeowners are certainly being punished. Conservatives might want you to believe that a whole bunch of undeserving poor folk got free rides and homes they didn’t deserve, but I’m sure the vast majority of people at all income levels who took those bad loans are suffering the consequences. Now perhaps one of the many true perpetrators of this fraud will be held accountable and punished.
We are so quick to pillory a guilty individual. Why are we so reluctant to hold corporations accountable for their crimes?