Where was the City when they were raking in the cash as the “value” of property and homes was artificially driven up and up and up? The city got to tax people higher rates because the homes were over valued. And not 1 word from any of them, no matter if they were Liberal or Conservative, the tax collectors were happy like a pig in mud.
At any time they could have raised the alarm. They were part of the property value assessment used by the industry to justify the new inflated values of new homes that the loans were based on. If not for the direct involvement by these tax collectors and property appraisers from the Government, these high costs would never have happened.
Let’s remember that part of the reason the loans went bad is the homeowner was severely underwater paying extremely high payments on homes no longer worth even half what they were originally financed at. And those high values were endorsed by the local appraisers and tax collectors.