Mortgage Banker's Need to Share the Pain

[Clint]

The Mortgage Banks in the U.S. took us to the cleaners. Their customers were lured in by their promise of a home that put the customer at risk while they risked only the possibility of foreclosing to be made whole. Their practices have killed the real estate market.

They not only harmed those who went over their heads in debt, they are now harming those who only need to sell their home to make a necessary move. People purchased homes at the inflated prices because of their jobs and other compelling reasons. Now they need to sell and the market is dead with prices declining. If they are forced to transfer without help from their employer they find themselves forced to rent, support two mortgages or live in housing that doesn’t meet their needs and a Mortgage Banker wouldn’t be caught dead in. Many have been caught in this mess for more than a year with no real hope things will be different in the future.

It seems to me the bankers should be forced to lower their standard of living until those they have harmed are made whole. I’m wondering how it could be done.