This "rampant fraud" was only possible because the banks gave approval with at wink - “we never check the figures you put down" - they were not the victims - but the instigators of the fraud. They did not care what was on the paperwork because they kept the good loans for themselves and bundled and sold off the others for more money. So they made the RULES! Like any case everyone else operated within the rules given to their best advantage.
My loan never got moved from inception in 2000. Millions more were - and now the banks are making up phony loan docs since they can't find originals. 60 min just did a piece - one guy paid $10 per hour to sign Linda Green as president of bank 4,000 times a day on loan docs to be taken into court. No one filing charges against all these people/banks committing pergery when they enter court with phony docs.
http://www.youtube.com/watch?v=QwrO6jhtC5E story starts 1:30 in.
They done picked on the wrong person. Fraud expert who tried to work with bank but they forecolsed on with PHONY Docs.
Too many politically motivated messages. This is not political - I don't see us as wearing red and blue shirts like the media tries to devide us into - Basic Eithics of which I speak.
<<rampant fraud perpetuated by the real estate brokers, appraisers, mortgage brokers on behalf of the real estate buyers>>
You both make good points but just don't follow the money trail all the way to the instigator.
Bill Clinton forced the banks into this by following a policy that the American Dream should be at the fingertips for everyone.
Under White House pressure, the banks loaned money to anyone who applied, regardless if they had a down payment or not.
People borrowed on the premise that values would keep going up and they could use their house as an ATM..It didn't
Dr. - We agree on much except "You can blame the banks but you would be wrong, the American people are supposed to have intelligence."
Somewhat tired of small guys getting blamed when it was the "big' guys who made the rules. The great distraction - look at my left hand while the right hand is putting the money in the pocket. ( no political reference intendeda) Don't be distracted - Follow the money and it iwll tell you who made the rules and who worked the system.
The truth is,the banks made/make/wrote the RULES, not the people borrowing the money. The people who borrowed the money had no power to influence any banking regulations. They essentially lead a bunch of poeple on the street into a stereo store and said "do whatever you want - take whatever you want one is watching" - because the store had insurenace to cover anything, the american tax payer and being "too big to fail".
You lend money to someone who has not demonstrated how they can pay it back,,don't scream foul when they can't, and look to the taxpayers to bail you out. Especailly when you wrote the rules.
You really think this Dr. Bozo is Juan? Could be. He sounds as dumb as Ron Stafford. Wonder why juan and his disciples don't stay on the forbidden board?
Hey! We even got a post praising juan from the girlyman, lance.
Only a girlyman would envy a government clerk.
I see beaver has you pegged as Juan
That guy apparently sees Juan behind every tree
Speaking of Juan, wonder how much he laughed on his way to the bank
today? He said "Gold won't even slow down at $1500. We're there!
Gold hit $1500 today Hmmmm