Where are they in the wrong based on what the previous poster...

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    Where are they in the wrong based on what the previous poster stated. Just because a bank valuation comes in lower doesn't mean the loan should not be given - this is merely a valuation for their security purposes.
    As for the over-assessment of income well the borrower was happy when they got the loan and that they were comfortable in paying the mortgage payments - they should bear the responsibility for that decision. Similarly if the bank knowingly accepted wrong information then they deserve some of the loss as well. As I said before people need to accept responsibility for their decisions.

    As for the so called Wild West and shady practices I have yet to meet a loan officer yet that fits that profile - usually it is the opposite.
 
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