Recently the Florida Bankers Association pressured (bribed) the FL Legislature into ramming through HB1523 and SB2270. These bills would remove Florida’s status as a Judicial State.
There seems to be two camps on this topic:
Camp 1 blames the homeowner.
Camp 2 blames the bankers and Wall Street.
I’m in Camp 2 because I have seen the fraud and know these “lenders” have often put up ZERO dollars to fund the loans. Then the lenders proceed to collect obscene profit through bogus insurance policies and various instruments like AIG’s Credit Default swaps.
If you are in Camp 2 like me, a rally will be held in Tallahassee Wednesday April 21. Bus rides are available.
Please see link below....
http://www.foreclosurehamlet.org/profiles/blogs/freedom-ride-circa-2010-a
The $hit is about to hit the fan!
Both homeowner and mortgage orginator should be called in for questioning. Homeowner may have to explain how he claims he makes 100K salary when tax records show 60K. Banker needs to explain why his underwriter department did not verify the info on the application. Put both under scrutiny and you will have them pointing fingers at each other for fraud. Sooner or later the truth will shake out and one of them or both will be going to jail. This is what is needed to prevent future fraud. If left alone, the mortgage agent will make saleman of the year, and in fifteen years may end up as the senior exec of the bank. When the public has forgotten the crisis, he may try the scam again and the younger workers will follow because history has showned that the gov will do nothing to prosecute thus the risk of getting caught is nil while the ill begotten gains will be worth the risk. Our grandchildren will be stuck bailing out these too big to fail banks again. Camp 1 and Camp 2 is correct.
Camp 1 blames the homeowner.
Camp 2 blames the bankers and Wall Street.
I'm in Camp 3. I blame all involved - from Government creating the problem under Carter and making it worse under Clinton and Bush 2, to banks playing fast and loose with the documentation and rules, to the buyers trying to get more house than they could ever truly afford, to the owners for using their houses as ATMs or to turn a quick profit instead of looking at a house as a home to grow up or grow old in.
How convenient that there is no Camp 3 blaming Congress, The SEC itself, ACORN, the CRA, and the other 'real issues'!!! The camp 1 v 2 game is pure class envy tripe!