Does Dumbledore really give second chances because he believes the best of people?

[sunnyskywalker]

I know, there's an obvious, cynical answer to this one. But I'm curious how it holds up under somewhat-methodical examination.

Snape sells Bellatrix and Narcissa the line that Dumbledore’s weakness is wanting to believe the best in people. Now, just because he’s giving them a “likely story” doesn’t mean this must be untrue. Certainly the wizarding world at large seems to believe Dumbledore is kindly and helpful to suspected and marginalized people.

So, is his reputation warranted? And—a different question, but also interesting—either way, does Voldemort believe it?
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Can anyone think of additional examples that might support or undercut Dumbledore's reputation?