Makes you wonder where the banks are in all of this, and were is their due diligence. Seems the banks are making two critical errors that led to this whole mess

Makes you wonder where the banks are in all of this, and were is their due diligence. Seems the banks are making two critical errors that led to this whole mess: * Giving out loans on properties that have yet to be built. In the event of default there is no underlying asset that the bank can use to recoup their investment. * Improper controls on escrow. If you're handing out a loan for a property that has yet to be built, why would you not control escrow to make sure the money was spent appropriately. My impression is that it seems everyone is just trying to make a quick buck over there, everyone is secretly jockeying to be a little bit better off themselves. But what happens when literally everyone in an industry is jockeying, eventually things will go off the rails.