The “robo-signing” scandal, along with the resulting housing market crisis, caused a decline in public opinion towards the mortgage and banking industries. A recent survey by ID Analytics revealed that most of the blame for the 2008 economic disaster, and subsequent slow recovery, has been directed at 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 80 percent 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 fault.
The results of the survey showed that:
- 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
- And another 76 percent blamed the federal government