The banks and lenders weren't the only bad guys

You can’t say enough about the bad home loans the banks made in the recent past. Mortgages that sent millions into foreclosure. Millions losing their homes due to under water mortgages. Leaving homes worth less than the balance on the mortgage. Some call it upside down mortgages. Leaving mortgage holders unable to sell their homes in order to pay off the oversized balance. Thus leading America in to a deep recession. And, you know the rest of the story.

Well enough said about banks and mortgage lenders. They are just a part of the reckless mortgage lending. The other two parts are the more than eager housing builders and the Real Estate companies. Both pressuring and coercing the buyer to buy and build now. Ignoring the fact that many buyers really don’t qualify for a significant home loan. However, the lenders were more than willing to ease up on lending requirements while the building contractors and the real estate companies press vigorously to sell. And the end result here left the builders and real estate companies off the hook. Home Scott free.

Of course we can blame a bit on the myth that everybody should have a part of the American dream of owning a home. Under water or not. Yeah right.