According to the responsibilities of government and financial insinuations, individuals should also be responsible when they make loans. They should consider their ability to pay back these loans. As everyone knows “There is no such thing as a free lunch”, mortgage borrowers should have noticed the huge debt they were going to face after the ARM passed the predetermined period of low interest payment.
In conclusion, this subprime mortgage crisis demonstrated a lesson for the world. Every financial institution and company learned an expensive lessen from it. Every country learned what they should do and what they should avoid in the future. Moreover, each individual also learned the norm, the ethics, and the responsibilities that they need to follow and take in business practice. One important thing to remember is to not be too obsessed and greedy about anything.
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