= Because the lenders swindled the lendees into
= believing that they could afford the loans

Yeah, heaven knows that people can't figure out that not paying off the principal on a loan means that you'll never pay it off. And they sure can't be expected to find online calculators, or talk to their friends, or get a second opinion.

= A legal loan is not necessarily an ethical loan.

But a legal loan, is -- by definition -- not a swindle.