I’ve posted this plenty of times before but I’ll drag it out again just for you...
Wall Street will not get this Genie back in the bottle!
I guess now would be a good time to shoot the greedy homeowners.
It’s crystal clear. From the very beginning the homeowners have gamed the system. They started by tricking the property appraiser (lender’s agent) into submitting an outcome-based appraisal.
Then, millions of homeowners shrewdly conned the “lenders” into dismissing all agency and fiduciary responsibility in the underwriting process....going so far as to force the “lenders” into forging documents.
Then, the greedy homeowners forced the “lenders” to securitize the loan in such a fashion as to bifurcate the mortgage from the note.
On top of that, the homeowners secretly cooked up the concept of “Credit Default Swaps” and forced the “lenders” to insure the collateral at the full (outcome based) value 30X over.
Having successfully pulled the wool over everyone’s eyes - these irresponsible homeowners showered themselves with well deserved bonuses.
Realizing they were too big to fail, these irresponsible, reckless homeowners lined the pockets of legislators and received enormous sums of taxpayer bailouts.
The result of these cunning maneuvers by the fraudulent homeowner scheme has them sitting fat and happy in the cat birds seat. Yup, that’s how they did it. And they’re getting away with it.
Savings drained - check, 401ks all gone - check. Kicked out of their homes - check. “Lenders” made whole many times over via Credit Default Swaps - check. Homeowners foreclosed and “lender” buys back property for pennies on the dollar - check.
Follow the money and you’ll find the culprit. It’s about time we hold these homeowners accountable.
Good call. The website below is sponsored by a well-healed, politically connected, PR machine of greedy volunteers...and contains detailed information on how the collusion on Main Street has ripped off Wall Street.
Don’t look though...it’s just spam.
http://www.foreclosurehamlet.org
Of course. When a bank forecloses and loses big money on the mortgage, that's the same thing as buying the property for pennies on the dollar. LOL!
Your post helped me understand some of the baffling parts of the article. But I have two problems today: I'm a victim of public education, and I'm on pain pills today. So I haven't deciphered this one point. Thanks, FRiend.