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Occupy Toronto (pg. 24)
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| GGM |
| quote: | Originally posted by Skipper
Really, I think it's impossible to point just one finger. Everyone had a hand in this mess - the borrowers, the lenders, the banks and the rating agencies. |
100%
All people acted predictably in terms of human nature when you look back on things. Rating agencies turned a blind eye because it's easier than cracking down, banks/lenders tried to make as much profit as possible, borrowers went as asset hungry as they were allowed. If you had to put blame on anyone it would be the government IMO as their job is to keep the corporations in line and protect the population. They did neither, and on top of that they haven't done much to stop it from happening again. |
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| FunkyCrew |
| quote: | Originally posted by 1dawoman
I did my research and in the end made the right choice for me and did not overextend my budget but what I'm saying is that I was shocked to see how profit oriented the bankers were without any regards to actually helping me make a suitable informed decision. RBC/BMO/Scotia/CIBC...they were all the same...pushy, aggresive, deceiful. Anyways, overall my home buying experience last year was a huge eye-opening experience. I feel its too easy for people to be misguided and make decisions that can ruin their lives. I just can't believe there's no accountability. Someone mentioned earlier about how we use lawyers and doctor's expert opinions when making informed decision but I feel like profit lays so high on bank's priority list that it causes bankers to deliver jaded information. |
Of course it's terrible (I agree with you!) - I think in this industry it's the same cut-throat, profit making attitude as in many others. At the end of the day they are in it to make money, commission and people's personal concerns are not on the list of their priorities :\
while we are on the topic of doctors - I've heard to many "horror" stories from my friends that every time something wonky comes up in my usual check-up at the dentist or family doctor, I seek 2nd opinion. For example - a friend of mine who moved here from Russia, been told that her breast scan is absolutely clean when she has a similar mamogramm from back home with spots in her breasts. Also I consistently read stories in the papers about misdiagnosis problems - just recently, there was a huge issue with women with erroneous breast cancer diagnosis, going into breast removal surgeries. Sometimes I'm just afraid to ever get seriously sick (knocks on wood). I had no experience with lawyers though.. |
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| ChemEnhanced |
| quote: | Originally posted by Skipper
Really, I think it's impossible to point just one finger. Everyone had a hand in this mess - the borrowers, the lenders, the banks and the rating agencies. |
this is the reality of the situation....everyone had a part in this mess. |
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| rabbitjoker |
| quote: | Originally posted by GGM
deregulation |
Deregulation is not the problem either. In fact there is too much regulation. |
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| rabbitjoker |
| quote: | Originally posted by infinity HiGH
Most people don't have the time or mental capacity to "pick up a book and learn" |
If you don't understand something from a basic level then you shouldn't be doing it - PERIOD.
If you don't understand an investment, don't buy it. If you don't understand a loan, don't take it. If you don't understand what someone is telling you, ask questions, get a second opinion.
Common sense goes a long way. |
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| GGM |
| quote: | Originally posted by rabbitjoker
Deregulation is not the problem either. In fact there is too much regulation. |
Then what would you say the problem is? Ignorance of people? |
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| Yohan |
| quote: | Originally posted by GGM
Then what would you say the problem is? Ignorance of people? |
more like laziness of people |
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| 1dawoman |
| quote: | Originally posted by rabbitjoker
Common sense goes a long way. |
The bank was urging me to take out a $380,000 mortgage when all I wanted, needed and could handle, was a $280,000 mortgage.
I think the banks are the ones who need to start using some common sense! |
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| evil_cookie |
| quote: | Originally posted by 1dawoman
The bank was urging me to take out a $380,000 mortgage when all I wanted, needed and could handle, was a $280,000 mortgage.
I think the banks are the ones who need to start using some common sense! |
lol... |
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| FunkyCrew |
| quote: | Originally posted by 1dawoman
The bank was urging me to take out a $380,000 mortgage when all I wanted, needed and could handle, was a $280,000 mortgage.
I think the banks are the ones who need to start using some common sense! |
why though? If they know someone will take that money and then pay them load of interest $$ of course they are gonna urge you to take $100K more then you need
keeping that in mind, that's how one should proceed when taking out a hefty loan, no?
is it a surprise that banks do not have your best interests as a priority? |
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| 1dawoman |
| quote: | Originally posted by FunkyCrew
is it a surprise that banks do not have your best interests as a priority? |
not really....
But they should be concerned about their clients defaulting when they are not able to pay back their loans because they pushed them to borrow excessive amounts.... |
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| Spam |
| quote: | Originally posted by 1dawoman
The bank was urging me to take out a $380,000 mortgage when all I wanted, needed and could handle, was a $280,000 mortgage.
I think the banks are the ones who need to start using some common sense! |
And you used your common sense, told them you were only going to take the $280,000 that you needed, and made the right decision.
I feel like you're backing up RJ's point. |
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