No, the banks are not entirely blameless. They chose to make loans to people with poor credit histories. If they had been more picky about who they loaned money to, there might not be as much of a mess as we have now.

Everybody involved, not just the borrowers, has a responsibility to make responsible decisions. Some financial institutions and mortgage brokers were just as irresponsible as some borrowers.

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January 20, 2009 - The end of an error.