Congratulations.
You have bought all of the liberal populist victimology kool aid on this story and understand NOTHING about the mortgage industry.
I’ve not the time to educate you on how it works.
Please reconsider. Your country needs you now.
Were we to hold court with the issue at bar being our survival in imaginary case "Citizens [Plaintiff] v. America, Inc. [Defendant]" the defense would move the court to dismiss.
The Plaintiff could adequately plead the necessary elements of negligent misrepresentation in order to defeat a motion to dismiss.
Defendants would offer no valid case law to support their position because there is none.
The court would rule in favor of the defendants based on economics as opposed to law.
HELP!
bwahhhaa haahhhhaaaaa haahaaa
thanks for the laugh
It's not about the victimology of the borrower. It's about the criminality of the lenders, which is on all sides of the deal. The bankers & mortgage processors have shafted the borrowers, and the taxpayers who guaranteed the loans, and the pension plans that bought the loans via MBS.
And the banks did this intentionally.
Stupid, venal and corrupt borrowers are and have always been a problem and banks were supposed to exercise their fiduciary responsibility on behalf of the shareholders and despositors to not lend to these types of borrowers. What's new now is the flagrant disregard of the banking and mortgage industry in giving out huge money to this type of borrower.
Stupid, venal and corrupt borrowers aren't a problem if the banks properly refuse to lend to them.
Wow noob, you are one smart, sanctimonious SOB!
“and understand NOTHING about the mortgage industry.”
Yeah, see when the owner defaults the bank should be allowed to:
1) Retain the borrower’s obligation for payment.
1) Receive taxpayer bailout for the “loss”.
2) And keep the note!
Seems pretty clear whose victimology you’re representing.
There are a lot of well-intentioned people on FR and in the conservative movement as a whole that have no clue how most financial instruments work. That includes mortgages, the Fed itself, fractional reserve banking and all of it.
If we did some of the things they suggest, we’d be an agrarian society of serfs.