I'm well read on the subject. I have kept up with what has been called "fraud." Very few cases are truly legal fraud in reality, and much is not. I'd be a fool not to keep up best I can since much of my present income is from buying foreclosed homes that have been passed from bank to bank. All I've bought were not only foreclosed on, they were also abandoned and trashed. I give the banks involved credit for not having some of these people arrested.
Point me towards ONE verified case where a honest buyer was lied to - signed a contract based on false information - and the contract was held up as valid anyway.
Or - show me one person who was forced to take a mortgage and go in hock. Again, if it really happened the contract would be voided.
Or - show me on situation where a person signed on to a mortgage, the bank reneged on their written legal obligations, and the buyer is the one is deep water.
The real problem is way too many people have taken mortgages they could not really afford and never should of qualified for to start with. Anybody who buys a house should do their own research on sales-history over time and tax implications. Also ought to have a substantial down payment, assets and some viable means to keep the house in good shape. Or better yet, fix it up as they live in it. Also ought to have a back-up plan in mind in case the money earner gets hurt or loses employment due to any causes. We all know these things CAN happen. That's why only adults can enter into mortgage contracts - but it seems now many want to default and be treated like minors.
So OK. With some of the reasoning I see here - I guess if you don't lock your house - and someone breaks in and steals your stuff -it's YOUR fault for not locking it.
In this case - the banks did not "lock their houses" because they gave out mortgages to people who should NOT have gotten them. Much of that was due to pressure from the US Government.
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