Posted on 12/24/2008 7:23:40 PM PST by reaganaut1
SAN FRANCISCO — Herbert Sandler, the founder of the Center for Responsible Lending, is standing in his bayfront office watching a DVD that trains brokers to pitch mortgages by extolling the glories of the real estate boom.
The video reeks of hucksterism, and it infuriates Mr. Sandler.
“I would not have approved that!” he declares. “I don’t think we should be selling our loans based on home prices continuing to go up.”
But the DVD was produced in 2005 by a mortgage lender that Mr. Sandler and his wife, Marion, ran at the time: World Savings Bank. And the video was a small part of a broad and aggressive effort by their company to market risky loans at the height of the housing bubble.
The Sandlers long viewed themselves — and were viewed by many others — as the mortgage industry’s model citizens. Now they too have been swept into the maelstrom surrounding who is to blame for the housing bust and the growing number of home foreclosures.
Once invited by Congress to testify about good lending practices, the Sandlers were recently parodied on “Saturday Night Live” as greedy bankers who handily sold their bank — and pocketed $2.3 billion in shares and cash — in 2006 before many of their loans began to sour.
...
As the Sandlers’ wealth increased, so did their philanthropy. Over the years, they financed scientific research and groups like Human Rights Watch and the American Civil Liberties Union. More recently they founded and financed ProPublica, a nonprofit investigative journalism enterprise that has collaborated with The New York Times on coverage and a news archive. Its 14-member advisory board includes two top New York Times Company editors.
(Excerpt) Read more at nytimes.com ...
Hey, weren’t they on a SNL skit? the one that got pulled> ha.
And I’ll bet that they continue to throw good money after bad and will STILL contribute to the ‘Rats.
If I were in a hotel room with them and saw them get shot, I would swear that I saw nothing.
Demo-RATS bump
They are friends of Soros. You are reading about two of the people that are trying to bring America down.
They only started ARM's after Reagan deregulated.
The current financial crisis is because of republicans.
The NYT sucks as much as 0bama.
These people are modern day Bolsheviks, just like the party they help fund.
Just remember this when you hear the Democrats caterwauling about Republicans and big business. The Democrats denounce big business then they make deals with them behind closed doors.
Anyone you can get to believe that is ready for a bridge stock investment.
Another dishonest propaganda piece from the NYT. The Sandlers were associates of Soros and leftists and who contributed huge amounts to the Democrat party, moveon.org, Obama, etc. They were never “trusted” by anyone but the low income people they talked into taking out mortgages they could not afford. They were never “pioneers” unless you consider liars, crooks and fraud artists “pioneers”. The disinformation and outright lying in the NYT has become more blatant every day.
The Sandlers should be targets of government investigations and class action lawsuits. I would like the rats to taste their lawsuit medicine. Wachovia is bearing the brunt of scrutiny. Wachovia should sue the Sandlers for misrepresentation and securities fraud.
LOL, whatever. Good luck backing up that claim.
This article is total rubbish.
Everyone is a victim here, nobody did anything wrong, except Reagan 20+ years ago.
I AM SO SICK OF THIS BS.
Actually the MSM is doing a pretty damn good job of making that claim to the American people.
And we’re letting them get away with it.
The current financial crisis is because of republicans
. . . such as Chris Dodd and Barney Frank </sarcasm>
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.