Some people warned about this years ago, as the date of this article indicates.
Thanks to AmericanInTokyo for bringing this to FR’s attention.
There are some Freepers who claimed to be in the real estate/mortgage industry AND were pro-illegal alien. After seeing this article, it makes a little more sense now.
This should be being investigated by the US Attorney with all of the weight, resources and power associated therewith and cannot believe that a major RICO case is not in the making here, if anyone had the gonads to pursue same.
Hey, that’s pretty good and honest for a local yokel! Cheers for DA Storey and his courage!
Ping!
I hold the lenders, the fannie mae/freddie macs and the geniuses on Wall Street responsible for the size of this crisis (greed gone wild).
But mostly, on a visceral and up-close and personal level, I hold the scum-bag mortgage brokers in every community in America responsible for shoveling this sh*t uphill.
Bunch of former used-car salesmen who realized that rather than making a couple hundred bucks scamming some dumbass in the dealership, they could use exactly the same lies, deceit, fraud and greed and make $15M or more a pop—with absolutely NO recourse or responsibility.
And these mortgage broker creeps are still wearing their $2500 suits, living in nice homes, driving their 700 series BMW sedans, working out at the local singles-scene health club... still living off the money they stole from people stupid enough to be taken in by the carnival barking and scamming. And just as often, there were endless borrowers just as dishonest as the mortgage brokers. Trying to get in on the gravy train. Hate ‘em.
You can imagine from this post that I have ZERO sympathy for the borrowers, the mortgage brokers, the banks that took the loans, the quasi-federal agencies that bought the loans, the Harvard MBA’s on the street that packaged the garbage for sale, and the moron investors who bought and sold this sh*t.
They all deserve to lose every cent they earned, every asset they bought with their ill-gotten gains, and their freedom as well.
thanks, bfl
A study of these insane “don’t ask, don’t tell” loans showed that 60% of the applicants lied on their applications. There were scammers scamming other scammers all across the fruited plain. And Hillary and Obama are hot to trot out a bail-out for these fraudulent borrowers...with our tax dollars, of course. After all, the Clintons don’t want to use their $110,000,000 on any charity but themselves in their “foundation.”
Just doing the jobs Americans aren't willing to do. Aside from the fact that they broke the law getting here, staying here and are committing fraud on stolen ID's, they're just trying to feed their families. Waiting for Dane to show up to castigate those who notice the citizenship status.
Interesting article about a couple that did sub-prime loans...here...