The “robo-signing” crisis and the housing market downturn caused a drop in the public’s opinion of the mortgage and finance industries as well as the government. A recent survey by ID Analytics revealed that consumers place most of the responsibility for the 2008 economic disaster and subsequent slow recovery squarely on the mortgage industry and the banks that packaged sub-standard loans and sold them to investors.
While the survey indicated that 27 percent of respondents felt that homeowners themselves were “definitely” responsible, a resounding four out of five respondents believed that the mortgage industry was either “definitely or “somewhat” responsible. Respondents also felt that Wall Street investment banks, regulators, and the Federal Government share some of the blame.
- 79 percent of the respondents held mortgage brokers responsible
- 78 percent felt that Wall Street investment banks were “definitely” or “very” responsible
- 76 percent blamed the problem on regulators
- 76 percent blamed the Federal Government