I know exactly what the "RATs" did. But they were only part of a much bigger story which the RINOs also played a major part in.
And yes, everyone was in on the take. The FANNIE and FREDIE execs, real estate brokers, property developers, construction company owners, property flippers, appraisers, your local government that adds taxes and fees to the transaction. "Everyone" was in on the game, probably the biggest Ponzi scheme ever foisted on human kind. And, the game is still going on because idiots like you don't understand the game and the fact that you are one of the marks.
I agree. As long as ‘they’ were benefiting ‘they’ didn’t want to stop it
no matter who ‘they’ were.
If you think the Rats were part of something much bigger then it stands to reason you think what the Rats did was only a small part.
You are wrong and you gloss over what really happened.
“The FANNIE and FREDIE execs, real estate brokers, property developers, construction company owners, property flippers, appraisers, your local government that adds taxes and fees to the transaction.”
Without the RAT supported real estate market intervention, and the subsequent sub-prime mortgage mess, the flash fire that took down the house of cards would have taken much longer to light - and it’s possible that the market could have helped to work out the excesses. It’s when you keep building up and up, on a house of cards that the inevitable will happen.
RATS, and yes other Americans, got greedy. The greed excess is definitely being worked out of real estate now, that’s for sure.
Now we’re onto chapter 2 with the foreclosuregate document fiasco, MERS and who actually owns the Deeds of Trust, and chain of title for many of these properties. This too will drag down the banks that we’ve spend so many billions propping up.
I guess I’m saying this disaster is not over yet. And may not be well into a Republican Congress, and even if a new Republican Prez is elected.
It’s a tough road ahead.
The people who are on this board making this a partisan issue are really one of the big problems in this country. They don't understand the system. They hear terms like derivative, and collateralized debt obligation, and then they go on to use them wrongly because they don't really know what they are or how they work.
They're angry and ignorant and then they hear Rush or Hannity run these words (that they also don't understand) through the "Republicans good, Democrats bad" filter, and that is all they can grasp so they cling to it as gospel. And that's just what Wall Street, DC, and the politicians want them to do. They want them ignorant and flailing at strawman targets so they can keep the fleecing going.
This time the problem is structural and not cyclical though and no amount of "animal spirits" boosterism is going to mask the rot and and keep it going.
The one thing you don't mention is the govt. pushing subpar loans. I was the mortgage officer of a community bank for over 20 yrs and I saw how this all went down. All of a sudden the Feds decided we needed a CRA officer under the employ of our bank. I was monitored once monthly to see how many minorities I was lending to. I failed miserably in that due to the following reasons:
Our community only had a small percentage of minorties of Spanish or Black makeup
Credit scores of the ones that did apply were dismal, had they been white I would of turned them down at the first meeting
Income levels at first glance were enough to decline them......
So don't put the blame strictly on the banks who were subject to large fines and in my case even the fear of losing my job. This whole fiasco can be placed at the foot of the Dems with their CRA and affordable lending programs. It never had anything to do with discrimination ,it had to do with qualifications. We were doing just fine being prudent in our lending until the govt. stepped in