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post #21 of 26 (permalink) Old 06-20-2008, 03:30 PM
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Originally Posted by mcbear View Post
By the time this is over there will be thousands of indictments as these folks are weak and will start rolling on everybody that even began to play in their little scheme. They will do everything they can to stay out of Federal PMITA Prison so expect to see appraisers, approvers, brokers, partner realtors, closing attorneys, title companies, inspectors and the doorman at the condo complex get love letters from the Feds.

Normally I don't like to see folks have their feet to the fire but these folks started and caused a Trillion Dollar National debacle. They gotta go down.

Everybody lined up and blamed the stupid homeowner for not reading the mortgage papers, for not knowing intricate financial maneuvering and being too stupid to even understand that they were in over their heads. Now that the investigations are starting to come in we finally see that the crux of the problem [from these stories and the many others that have been published this past few months] are brokers, developers and realtors and bankers gaming the system. Good to blame the little guy though.

Some folks used their house as an ATM machine and over leveraged to the max and beyond. That is a completely different issue for which they do not need bailed out. But this thing is coming home to roost on so many levels right now.
You're hand-rubbing glee is a little over the top. Far and away, the majority of foreclosures are folks who spent too much, had job losses or health costs in the face of an adjustable rate mortgage(s) and a declining market value.

The arrests point to a shameful practice, but this is a small minority.

Remember law enforcement works because it's one tenth enforcement and nine tenths advertising. Think of Willie Nelson and the IRS.

Charter member of the Vast Rightwing Conspiracy and proud of it.

God Bless the America we're trying to create.
--Hillary Rodham Clinton
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post #22 of 26 (permalink) Old 06-20-2008, 09:44 PM Thread Starter
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The arrests point to a shameful practice, but this is a small minority.
...
Is that from an insider's perspective ?

Last edited by mlfun; 06-20-2008 at 09:52 PM.
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post #23 of 26 (permalink) Old 06-20-2008, 09:46 PM
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Oh, so you're a negotiator! I think I would have made you drop trou if you showed up at my showroom
Who're you kidding, Drew. You'd have been able to tell how much money he had by the bulge in his pocket.

Quis custodiet ipsos custodes?

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post #24 of 26 (permalink) Old 06-26-2008, 12:55 AM Thread Starter
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In MexiCali, the only bad guys are these eeeeviiiil corporations which
deceived our honest citizens and noncitizens alike by allowing them
to pay less on interest while waiting to get rich quick.

Bloomberg.com: U.S.
-------------------------------------------------------------------
Countrywide Sued by California, Illinois, Over Loans (Update2)

By Karen Gullo and Andrew Harris

June 25 (Bloomberg) -- Countrywide Financial Corp., the mortgage lender that lost $2.5 billion amid rising defaults and foreclosures, was sued by California and Illinois for allegedly luring borrowers into risky loans they couldn't afford.

Countrywide and Chief Executive Officer Angelo Mozilo were named in suits, filed today, claiming the biggest U.S. home lender used deceptive practices such as low ``teaser'' rates to entice thousands of borrowers into adjustable-rate loans without adequately informing them that payments would balloon in later months.
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post #25 of 26 (permalink) Old 06-26-2008, 02:56 AM
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Oh, so you're a negotiator! I think I would have made you drop trou if you showed up at my showroom

You better leave that registered nurse alone, you may need "her" services one day............
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post #26 of 26 (permalink) Old 06-26-2008, 05:46 AM
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all driven by greed
incl on the part of the "innocent victims"
all fraud relies on greed
Psst mister
"wanna buy a cheap whatever"
nudge nudge
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