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You obviously did not work in the subprime business. A lot of these loans, no, the overwhelming majority, were perfectly legal. You may think it was crazy to loan money to some of the folks who got these loans. But it wasn't a matter of lying or bending laws to get it done.
When I did stated income loans, we considered years on the job, years in that line of work and used salary.com to see if the stated income was commensurate with all that. If it was and everything else checked out - cash reserves, FICO, appraisal, rent letter - then they got the loan and investors were lining up to buy it. I never saw a single loan that contained fraud.
I know of some brokers who tried to pass them off to us, but we never took them. If a borrower missed a payment in the first six mos., we had to buy it back for pennies on the dollar, the broker that sent it to us went on double secret probation and they then had to close five totally clean, audited loans with us to get off the QC list. With those kinds of consequences, no one had much incentive to even try to sneak one by us. BTW, the vast majority of subprime loans are still performing just fine.
So Mr Banker, enlighten to us how giving our hard earned $700 Billion JP Morgan and Co is going to benefit us? How exactly will it be spent, who gets the money, what rate of return can we expect, and what kind of accountibility do you guarantee?
Reassure us that our money is not just going to so upper level manager's new yacht.
I personally do not believe that any of these greedy pigs will ever have to pay in any way for what they have brought down upon the citizens of this country.
I have lost all faith in the justice system and how it has been corrupted. Our Constitution has been stomped on. How is it possible that this criminal administration has gotten way with the past eight years of blatant criminal activity? Not one month has gone by without a slap in the face to American people.
What constitutes TREASON??????
Of course they won't. They'll take the money and run. It's the biggest pay-off in history. I can hear the corks popping off the champagne bottles already.
Were there fradulent mortgages? Were important parts left out like..."YOU PURCHASED A TWO YEAR ARM and such and such..."
Guess what? NO.
This mess was created b/c a certain segment of society (ie: Liberal morons) wanted EVERYONE (including those who never could and still can't) to be able to buy a home. Because "they" deserve it, no matter their lack of income, lack of ability to work and afford the mortgage, etc. )
Liberals seem to think the US is Holland. They (liberals) think you don't have to work for what you can't afford...it should all be handed out on silver platters and SCREW the people who pay taxes out of their hard-earned money to provide those silver platters.
This plan is called a "bailout" ...and people (who are uninformed) don't want it. Guess what "welfare" and "food bank" and "subsidized housing" are? BAILOUTS. Always have been and always will be. We're just USED to blindly bailing-out those dregs on the economy.
Phil Gramm - who is joined at the hip with McCain
Henry Paulson and cronies
The political fans of deregulation try to blame the mortgage crisis on home buyers purchasing homes they could not afford -- as though a person wanting to buy a nicer home was something new. What was new was the Wall Street "securitization" of these teaser-rate and negative-amortization loans, whose only purpose was to trick ordinary people into believing they could afford mortgages that they couldn't afford.
That's exactly right. These banks sold the loans knowing full well they never get repaid. And then they passed on the loans all the way up the system to Freddie and Fannie knowing that at some point, when the chit his the fan, the government would step in and pay them off.
So Mr Banker, enlighten to us how giving our hard earned $700 Billion JP Morgan and Co is going to benefit us? How exactly will it be spent, who gets the money, what rate of return can we expect, and what kind of accountibility do you guarantee?
Reassure us that our money is not just going to so upper level manager's new yacht.
Econ 101 - It is going to unfeeze credit so that I can pay my employees.
May not matter much to you but meeting payrolls means a lot to us here.
I know the life of the ordinary working stiff may not be your concern but having a paycheck is good for our mental health
So Mr Banker, enlighten to us how giving our hard earned $700 Billion JP Morgan and Co is going to benefit us? How exactly will it be spent, who gets the money, what rate of return can we expect, and what kind of accountibility do you guarantee?
Reassure us that our money is not just going to so upper level manager's new yacht.
Why would I do that? I never made any such claim. I'm just debunking previous claims about fraudulent mortgages being the cause of all this.
What scares me the most is when I see people buying into the fear tactics the politicians are using in order to manufacture our consent. There's no emergency. This situation has been building up for three decades. Throwing money into the system is not going to fix it. Michael Hudson calls it the "Once in a century rip-off."
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