Rapscallion

National City Corp. Story Unlikely to Have Happy Ending

To the previous question, "What kind of banker loans money to people without verifying their income or ability to repay the loan?" The correct answer: Any banker who has an investor to buy that type of loan after closing. Which was almost every banker because there were countless investors who wanted the higher profitability that came with the risk. This wasn't a function of incompetence, greed or deception as much as it was providing a product that was desired by consumers. Every one of the borrowers who signed these agreements was of legal age and if they had legitimate questions about what they were doing they should have gotten assistance. Freedom and capitalism doesn't work well for idiots. A better question is: Who signs a binding financial document without understanding it or knowing they can't afford to pay it back according to the terms therein? Answer: Hundreds of thousands of people who now have curiously developed a victim mentality and want to find some way to avoid responsibility.