Posted on 10/19/2010 6:42:44 PM PDT by earlJam
Edited on 10/20/2010 9:59:08 AM PDT by Admin Moderator. [history]
Gannett article removed. Gannett allows none of their material to be posted on Free Republic.
(Excerpt) Read more at wzzm13.com ...
Let’s start with the movers and shakers in this criminal activity. Turbo Tim Geitner, Paulson, and Bernecke.
Bush made the mistake of believing that no one would actually try to destroy the American economy. That is the problem with RINO’s, they do not understand the depth of evil in the Dum Party.
“AP source: FBI looking at foreclosure mess”
PING!
In 1994, it’s well known that the FBI warned of “an epidemic of mortgage [origination[] fraud.
Maybe they should dredge out their old files.
At the same time just because you break some of the rules concerning how foreclosures are to legally proceed doesn't mean the borrower should get to keep the property without paying.
On the other hand, if you, as the lender, violate legal procedures you should be drawn, quartered and your parts tossed into the fields to be eaten by wild dogs ~ fair enough?
We'll get someone else to foreclose for you ~ in this tight employment market, you won't be missed.
It is a DOG EAT BANKER world eh!
I agree that Obama is very bad. I also believe the Republicans don't have a clue regarding economics either - and I'm a long-time Republican.
What happens if we run a balanced budget this fiscal year (which just started - October thru September)?
The answer is that the citizenry would quickly see the economic depression that we are in, since the $1.6 trillion dollars of federal deficit wouldn't be there to mask it.
What reaction would there be from the citizenry towards the Republicans?
Our nation needs to somehow remove itself from debt-based currency, and instead have our US Treasury issue our currency if we desire a national currency.
It is only in this way that our currency would reflect true capital, instead of debt.
Fair enough
FBI lookin into it?
“Yep, That’ll do it...”
(Line from “Stand and Deliver”)
TT
The Fed persisted in raising discount rates in the two years before the big crash. They were fighting “inflation” but it turned out to be “deflation” ~ so much for bankers to understand the difference.
Yea, well, when will the FBI be looking into what caused the crisis in the first place? ie subprime home loans to folks with bad credit, the fraudulent paperwork submitted to obtain the loans, the no doc loans, the kickbacks to brokers submitting the no doc fraudulent loans, where everyone deserves a home like everyone else socialist agenda, which was forced on lenders under threat of lawsuits, and fines, for not making not what lenders knew were bad loans. All the while Fannie and Freddie saying not to worry, make the loans, we got your back.
The FBI is a joke.
If the bank can produce the NOTE - there is no problem.
We’re under attack by suicide bankers!
Up and down the chain. From borrowers on up to the US Congress and multiple federal agencies.
Time to bring the real issue out. What’s in the Carpetbag? Alot of conditioning by the Carpetbaggers.
Desensitizing brainwashing that “financials” are an “industry”, and what they offer is called a “product”, that they are a “bank” (that quickly becomes a “bank holding company”), that what is peddled is a “security.?
In the carpetbag is WHAT IS BELIEVED to be a “security.”
Ever watch “The Best Years of Our Lives”?
SECURITY IS BACKED BY COLLATERAL. COLLATERAL resold as a “security” based upon a worker peforming or non-performing, is not REAL-estate collateral. The worker is not collateral.
Nor does the house itself, minus a false demand knowned to be BELIEVED so called “inflation”, appreciate, unless it’s a historic landmark.
The land itself, minus a demand supporting manufacturing base as capital formation, or minus a demand agricultural/farm productive base, becomes a DEPRECIATING asset.
ABSOLUTELY! Laws were broken in this mess. I am an accountant who saw this for years. I would love to talk to the FBI about it.
They faked appraisals for mortgage companies who then sold the loans and did not have to worry about them not being repaid.
Banks trained employees to NOT ask any questions or VERIFY data on mortgage applications. I was told by a banker that if a person put down they worked for McDonald’s and earned $100,000.00 annually, they were to take their word for it.
Banks sold the mortgages and did not have to worry about repayment.
5 to 10 credit offers with 0 % interest arrived in the mail to almost EVERYONE suckering them in. Many filed bankruptcy.
The financial industry standards of the past few years were insane compared to when I bought my home in the 1980’s.
Yes, these people need to go to jail! All of them, not just a few scapegoats.
I want to see people going to jail - left and right. THEN confidence will be restored in the markets.
I want to see laws upheld, even if it means that precious elites go to jail, so that confidence in our political system will be restored.
Check out the width of suburban access roads next time you visit your friends out there.
BTW, you can't get more depreciation out of CA land than it starts with.
“I was told by a banker that if a person put down they worked for McDonald’s and earned $100,000.00 annually, they were to take their word for it.”
You were misled. When you get a mortgage from either a bank or a mortgage broker, you have to provide real documentation to backup your income. In North Carolina, you have to provide your paystubs, w2 form, and a copy of your most recent filed taxes.
That’s how it worked in the early 90’s, and it’s still how it worked in the 2000’s.I doubt any of this stuff is true that the Democrats are claiming. They’re just trying to mislead the voters into thinking the fault is with the banks, rather than government run mortgage industry (Fanny and Freddie).
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