Free Republic

Which industry pays loan officers up to $5 million a year? Here's a hint: these bonuses are paid through companies that have lost several hundred billion dollars, necessitating a taxpayer bailout. That's right: your tax dollars are paying for both the bailouts and these multi-million-dollar bonuses. At the risk of popularizing this racket, I will explain how and why this happens, in the hope that it inspires real reforms. The industry is apartment finance, and the companies are Fannie Mae Delegated Underwriter & Servicers ("DUS shops") and Freddie Mac Seller-Servicers. As we know, Fannie and Freddie were founded to support affordable...

ORLANDO, Fla. (AP) - The white bus rumbles into the quiet suburban neighborhood, heading toward a foreclosed home that sits empty. Neighbors, young and old, cock their heads in curiosity or point at the slow-moving coach. Once the vehicle stops, about 20 potential buyers file out and become detectives, opening and closing cabinets and drawers, knocking on walls and asking about the price, the previous owners and what repairs may be needed. Welcome to the Foreclosure Bus Tour, a six-hour expedition to show Orlando-area homes and educate potential buyers on the vagaries of snatching foreclosures in a state where the...