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If you haven't watched "House of Cards" on CNBC . . . you MUST see it. I think everyone in Charlotte especially needs to see it, b/c of our two banks here and the job losses that have resulted from this debacle. People need to understand how this mortgage crisis came about.
Why didn't people listen? B/c money was being made, that is why. GREED.
If you haven't watched "House of Cards" on CNBC . . . you MUST see it. I think everyone in Charlotte especially needs to see it, b/c of our two banks here and the job losses that have resulted from this debacle. People need to understand how this mortgage crisis came about.
Why didn't people listen? B/c money was being made, that is why. GREED.
I second that. Plus, there was a insatiable desire to enter the CA market in a BIG way. The thought was that THERE was where the money was. Now, if they had even just talked to a few underwriters in an intelligent discussion, they would have run away. But, there was no deterring them. And, now, Wachovia no longer exists.
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
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Everybody knew this across the industry. Bankers, loan officers, realtors, everyone was in on it. When we closed almost 3 years ago, the RE and the lawyers were marveled that we had a good old fashion 30 yr fixed w/ money down. They had all these "creative" financing loans come through, 40yr, 50yr, no-doc, stated income, etc.
Everyone involved knew what was up. But as someone said earlier, everyone was getting PAID and usually that causes most people to look the other way.
To answer the question "Why didnt Paul Bishop Warn Wachovia" its because he was scared what would happen to him personally if he got in the way of billions of dollars.
I doubt anyone at Wachovia would have listened to him anyway. Never under estimate the power of greed. I can guarantee there will be another situation like this in 50-100 years with greed being the cause.
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