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I think the idea that we just make the majority of these people just pay the loans back is overly simplistic. Even if it were that simple, these banks loaned the money out knowing full well they could lose it via borrower bankruptcy. Just like the borrowers, the banks are responsible for putting themselves in the position that they're in. Furthermore, given an analogous opportunity, the banks would absolutely be using every available legal remedy to maximize their financial benefit. If that is ethical, then so is welching on a lone via bankruptcy.
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