Never in the field of buying houses, was so much, grabbed by so few, from so many, who were encouraged to borrow more than they could afford to repay!
It's not only in San Francisco that mortgage bankers have been booed by consumers who believe they have been let down. Irresponsible lending, has been used as an excuse for paying phenomenal bonuses, to bankers who did little more than create an unsustainable house price bubble. It is worse than the dot.com crash which hit people who knew that they were gambling, rather than people whose only aspiration was to own a home of their own.
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The Gordon Gekko 'Greed is Good' syndrome was everywhere from get rich quick bankers, to buy to let investors who were led to believe they couldn't lose. Investment is a speculative proposition, which is just another way of saying that it is a gamble. The greater the risk the greater the return is a quoted maxim, which is why long shots in horse races, are at long odds, and rarely win. Gekko always won because the insider trading he was involved with controlled markets. By ignoring established banking practices, mortgage bankers have had a field day, but escaped with the spoils before the day of reckoning.
In horse racing, and other forms of gambling, the bookmaker usually wins, as opposed to recent banking ventures whereby bankers always won in the form of ridiculous bonuses. It's the sort of greed excess that allows Gekko type aspirations, to siphon proceeds off to the undeserving few! There are many to blame for the ensuing fiasco, whether they will ever be taken to account is another question!
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mortgage bankers heckled
mortgage bankers heckled
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