The bankers know exactly whom to blame for the housing collapse and foreclosure fiascos. It’s you — the devious American homeowner who wickedly borrowed the easy money they had on offer.

Jane Bryant Quinn writing for CBS Money Watch –

No blame to the lenders who dreamed up high-risk mortgages and doled them out to anyone with a pulse. No blame to mortgage brokers and bankers who misled customers into signing up. No blame to Wall Street for whisking risky loans into securities falsely labeled as “Triple-A safe.”

No, you’re the problem, for deliberately borrowing more from the innocent, trusting bankers than you could afford. And now, in foreclosure, you’re whining about a few false robo-signatures on documents that the lenders use to evict. You’re simply plotting get out of paying what you owe. “People aren’t taking responsibility for their own actions,” the self-righteous bankers tell each other at their watering holes. Kick ‘em out of their homes and let’s move on.

Talk about not taking responsibility. The bankers see the specks in their borrowers’ eyes and deny the logs that are in their own. On the field of honor, the entire financial industry has melted away.

I was planning to write something today along these very lines. She already did it, and it is much easier for me to put her stuff in a blog and justly praise her for it than for me to re-invent the wheel.

Great writing!

James Pilant