D, At the time(2006) I offered FReepers a way to do their own research. I made it easy to understand. I was a witness, first hand, to a handful of major lenders in Los Angeles who were writing hundreds of millions of fraudulent loans per MONTH. Anyone who was in the mortgage industry between 2002-2006 knew what I knew. It was an absolute joke with everyone in the business during this period of time. We all called them “NINJA” loans NO INCOME,NO JOB, APPLICANTS It drove the prices of California real estate through the roof, because anyone who could fog up a hand-held mirror, could get a mortgage.
Bad credit? No problem
No down payment? No problem
Can’t verify income? We don’t check. Put down whatever
income you want. (Stated Income).
Ghetto properties in Inglewood and Van Nuys, which previously sold for 150-170,000 were selling for 4-500,000. Craftsmen bungalows, in downtown L.A. were selling for 6-700,000. Small ranch homes in Pasadena to Woodland Hills, were selling for 6-800,000. It wasn’t rocket science.
Well, I know some of this was going on, because folks talked about it here. It was my take that the government opened the doors and everyone walked through. What the hey, they don’t care if we do this, so we do this.
If they documented the deals, wasn’t it legal? The courts said so.
Barack Obama himself was a party to one of the court cases. He was an attorney gopher or some such.