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Investors Default On Outsize Share Of Home Loans
Wall Street Journal ^ | August 31, 2007 | MICHAEL CORKERY and JAMES R. HAGERTY

Posted on 09/01/2007 6:22:34 PM PDT by CutePuppy

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Full article available without subscription. Very interesting information, far from typical "the sky is falling" and "we need to bail out poor homeowners" fare.
1 posted on 09/01/2007 6:22:38 PM PDT by CutePuppy
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To: CutePuppy

Here’s somewhat related article in NYPost :
http://www.nypost.com/php/pfriendly/print.php?url=http://www.nypost.com/seven/08302007/business/sen__schumer_leans_hard_on_cou.htm

SEN. SCHUMER LEANS HARD ON COUNTRYWIDE

August 30, 2007 — Senator Charles Schumer asked Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages.

Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed to fail,” Schumer told reporters in Washington yesterday.

“I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” Schumer said.

Schumer, a member of the Senate Banking Committee, has been among the most vocal lawmakers seeking tighter restrictions on mortgage brokers.

He introduced legislation in May to set U.S. standards for brokers, including requiring them to assess a borrower’s ability to repay at a loan’s highest interest rate.

“Countrywide’s most lucrative brokers are those that make bad loans that are largely designed to fail the borrower,” Schumer said.

.....


2 posted on 09/01/2007 6:25:32 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: CutePuppy

Amateur speculators taking a bath. Another “duh” moment.


3 posted on 09/01/2007 6:25:41 PM PDT by Larry Lucido (Hunter 2008)
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To: Larry Lucido

Correct. Not the kind of people that need to be bailed out, but they’ll be used to push the Fed, White House and Congress to do something which will benefit the money lenders or bond traders.


4 posted on 09/01/2007 6:29:12 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: Larry Lucido

Yep.


5 posted on 09/01/2007 6:37:09 PM PDT by Eagles6
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To: CutePuppy

Good article. Thanks.


6 posted on 09/01/2007 6:51:05 PM PDT by TheLion (How about "Comprehensive Immigration Enforcement," for a change)
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To: ex-Texan; Hydroshock

ping


7 posted on 09/01/2007 6:51:59 PM PDT by Calpernia (Hunters Rangers - Raising the Bar of Integrity http://www.barofintegrity.us)
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To: Calpernia

Follow the money. FInd out the big players in this and find out how much was funneled to political campaigns.

Anyone want to bet that Edwards wasn’t the only one?


8 posted on 09/01/2007 6:53:15 PM PDT by EQAndyBuzz (When O'Reilly comes out from under his desk, tell him to give me a call. Hunter/Thompson in 08.)
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To: CutePuppy
Schumer always has all the answers.
9 posted on 09/01/2007 6:55:33 PM PDT by nygoose
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To: EQAndyBuzz

bump!!!


10 posted on 09/01/2007 6:55:50 PM PDT by Calpernia (Hunters Rangers - Raising the Bar of Integrity http://www.barofintegrity.us)
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To: CutePuppy
"SEN. SCHUMER LEANS HARD ON COUNTRYWIDE"

I guess Countrywide didn't make enough campaign contributions to Shumer et al.

11 posted on 09/01/2007 7:05:57 PM PDT by Mad_Tom_Rackham (Elections have consequences.)
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To: CutePuppy

You don’t make your money when you sell your stocks, bonds, or investments. You make it when you BUY your stocks, bonds, or investments.


12 posted on 09/01/2007 8:02:15 PM PDT by ikka
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To: ikka

Most often, BUY is the first step, but it usually takes a BUY and a SELL to tango.


13 posted on 09/01/2007 8:22:11 PM PDT by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: CutePuppy

And Chucky Shumer is screaming to bail these speculators out. I really need to stop being responsible, blow my wad and cash in on communism. I’m thinking I can make this work for me. I’ve always wanted to drive an Aston Martin. Maybe I can take out a subprime loan on a DBS for 100%, never make a payment and scream “Bailout! Bailout!”


14 posted on 09/01/2007 9:09:25 PM PDT by Freedom_Is_Not_Free
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To: Larry Lucido; Eagles6
Greedy Amateur speculators taking a bath. Another “duh” moment.
15 posted on 09/01/2007 10:14:27 PM PDT by B4Ranch ("Freedom is not free, but don't worry the U.S. Marine Corps will pay most of your share.")
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To: Mad_Tom_Rackham

“He introduced legislation in May to set U.S. standards for brokers, including requiring them to assess a borrower’s ability to repay at a loan’s highest interest rate.”

So it was Schumer who started this subprime mess!


16 posted on 09/01/2007 11:36:24 PM PDT by CRBDeuce (an armed society is a polite society)
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To: B4Ranch
Another “duh” moment.

Yet it's sounding more and more as if you and I will pay for the mistakes of others in higher taxes and lost value of our already squeezed dollars.

It's so wonderful to have conservative values playing a dominant role in our economic and political system today, isn't it?

17 posted on 09/02/2007 8:19:32 AM PDT by Old 300
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To: Old 300

My conservative values are too conservative for these people.


18 posted on 09/02/2007 9:03:40 AM PDT by B4Ranch ("Freedom is not free, but don't worry the U.S. Marine Corps will pay most of your share.")
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To: B4Ranch

No sir, you speak for many Americans who long for liberty and a return to the rule of law.


19 posted on 09/02/2007 9:36:22 AM PDT by Old 300
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To: EQAndyBuzz; Calpernia
[find out how much was funneled to political campaigns.]
 
That's a good question.  I don't like the answer, but the truth is what it is.

20 posted on 09/02/2007 8:22:19 PM PDT by VxH (One if by Land, Two if by Sea, and Three if by Wire Transfer)
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