Should Senator Biden Share the Blame for the Foreclosure Crisis?

ABC News recently posted a story asking, 'Should Senator Biden Share the Blame for the Foreclosure Crisis?" This is based on the recent studies by Credit Suisse and a US Treasury researcher that state the foreclosure crisis was directly caused by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which Senator Biden championed. This bill made it much harder for people to file bankruptcy, which would have suspended several foreclosure actions.

So, is it Biden's fault the foreclosure numbers increased?

In a word... no. Not even close. He isn't REMOTELY responsible, not even by the greatest stretches of the imagination, and I believe it was irresponsible of ABC to even print a story suggesting so.

There are a lot of elements that went into the current foreclosure mess, but the Bankruptcy bill can't be counted as even a minor factor. The housing market was booming, and all believed that riches could be gained at the end of the rainbow. Lenders were irresponsible with their offerings, homeowners got into mortgages they realistically could not afford, and the government did not take action soon enough to lessen the blow. That has nothing to do with a bill that essentially tried to stop repeat debtors from filing bankruptcy repeatedly.

Critics have already come out against the studies, saying Credit Suisse should focus on fixing their corporate issues instead of reaching to place blame on parties that had nothing to do with the problem. I agree. Let's start talking about the solution instead of finding more people to blame the problem on!