re: "But what about the loan officers who were being paid 3 or 4 times as much to put people into sub-prime loans versus conventional loans?"
What about the suit salesman who tells you that orange leisure suits are the latest fad that he's got one that will make you a hit with the ladies for just $199 - "this week only"? The car salesman who gives you $5,500 for your $15,000 5-year-old Beemer? The gas station near the freeway with its $4.49 regular - when there's another a mile away at $3.69?
What loan officers are are paid is IRRELEVANT and, rightfully, none of your (or my) business. If you told us what you're earning and what you do, believe me - I could find those who would call that criminal as well.
re: "The problem is that nothing that they did was illegal"
No. The problem is that after they've screwed up, most people are only too happy to shift the blame onto others. Politicians, being what they are... lawyers, mostly..., are only too happy to take unethical actions - such as blaming lenders and realtors who really didn't have the bulk of the responsibility - in order to appease voters and journalists and to pass legislation that otherwise wouldn't have a prayer.
Deceiving the sheep. THAT'S the problem.
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