nytimes.com:
LOS ANGELES -- From the ninth floor of a downtown office building on Wilshire Boulevard, Jack Soussana delivered staggering numbers of mortgages to homeowners during the real estate boom, amassing a fortune.
Foreclosures Take a Toll on Mental Health, Study Says - washingtonpost.com
Antique. Copper Antique Flower Cool Belt Buckle. Sexy Truckers Babe Girl Antique...
Business.view: Froth at the bottom of the pyramid | The Economist
How to Negotiate a Mortgage Loan Modification With Your Lender ...
Obama launches mortgage modification program - Apr. 15, 2009
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Must be Bush's fault.
Yes, it was Bush's fault. He ordered the real estate and mortgage industry to do this freakin' idiocy.
How much more his fault does it have to be before people like you get a clue?
According to the con's. This is all the fault of the Dems. Yep. The pro-BUSINESS republican's would NEVER do anything dishonest, misrepresent their intentions, scam anyone, lie to anyone, do anything unethical nor side with industries that profit off of others pain.
Right OhioMARK?
They are not pro business, it is called capitalism... The opposite is government controlled income capability.
Capitalism - fine.
Greed - a human failing.
Taking advantage of someone, knowingly - a crime.
Why aren't you in jail? You said you worked in the industry. Is your conscience clear?
"government controlled income capability" is what keeps drug dealers, bank robbers, Ponzi schemers, purse snatchers, pickpockets, petty thieves, embezzlers, and their ilk off the streets. It is known as law enforcement. And it is not "pro-business" to support white-collar crime.
Thank you Republicans and thank you uberdouche Phil Gramm.
It was the Graham -Leahy act, and Clinton should have vetoed..... definitely should have vetoed. Mtgs. never belonged in the stock market and the glass stegall act prevented that until of course of yes GOP Graham and Clinton's desire for it. Both parties messed it up.
There I'll agree with you. Clinton - the best republican President ever. You guys should put him up for sainthood. He made you MONEY, money baby - your GOD.
As always, either the leopard has changed his spots, or got out the K2R spot remover and the OxyClean to get out those stubborn spots.
I have to admit there are some people who are just not smart enough to understand what is being done to them. Then, once they see they have been screwed, they are embarrassed and just try to get out from under the mortgage quickly.
I have a sister and brother-in-law who refinanced their home. The lender told them that taxes and insurance would be escrowed for the interest rate they thought they had agreed to. Once they realized those things were not, they were presented with whopping bills and could not pay them. Most of us realize you should always have extra funds available in savings, but they apparently just did not have it. They lost their home and are now renting. It is sad that this is happening to so many people we know and love.
refinances help caused the problem and now there is no equity left for them to fall back on... It is hurting everyone. When the house had value people could just refi and start over...
Perhaps a case may be made for violations of the Federal Truth in Lending Act can be made for your relatives. I would certainly look into it.
Putting people in loans they couldn't afford because it would be "fair" is what has gotten us into the economic mess in the first place.
We have Jimmy Carter, Barney Fwank, Chris Dodd, Bill Clinton and ACORN (and Obama, who was an attorney for ACORN) to thank for that.
I know you Libs think the government entitles you to stuff, but you are NOT entitled to own a home. That's why people built apartment buildings all over the country.
Correct, government created sub prime..and pushed it to the limit. The only thing the American people are guilty of is not paying attention to government...
Did either of you actually READ the 4-page article? This was the work of SUBPRIME LENDERS... they misrepresented themselves as being part of the government (I believe the quote is on page 3 of the article). How pathet!c you are to continue to blame the government for the dastardly deeds of a bunch of cr00ked th!eves.
You are so wrong it is barely worth refuting.
Those programs had rules. Their goal was to succeed. They had standards.
Bush replaced that with no rules, no requirement for success, and no standards.
another of the Hydra's heads slithers out from under another rock
This is not being done for the government.
These low-lifes are doing this to enrich themselves, just like they did in the first place when they persuaded borrowers to take their crappy loans which they then brokered to be funded by (mostly) unsuspecting sucker banks, thereby causing the problems that we have now.
The government created sub prime.... open your eyes
Try reading the article.
The government did NOT create subprime.
Subprime was created by sharks in the lending industry, usually the middle-people. These people get paid percentage points, usually 3-6%, based upon the size of the loan.
Once a loan closes they get paid their points at the closing. What happens from there is of no interest to them.
Funny....if a 'repairman' promises to fix my leaky roof, accepts my cash deposit, and then fails to do the work.... that's a crime, & that 'repairman' could find himself arrested, his company assets seized, his business license suspended and/or revoked, and be ordered to pay restitution. We have laws...local, county, state, & federal.... against fraud, misrepresentation, deceptive practices, and theft. So where is the enforcement? And for goodness sake...can we just once stop blaming the victims of CRIMES?!
But the GOPers insist that it is YOUR fault for not taking responsibility for you being taken advantage of. Unless, of course, they are the ones getting ripped off.
Same old adage - crooks will always be beholden to other crooks! And that goes for both parties. None of them is any better. We need to fight back and vote them all out of office.
Who took advantage of people? The lenders wrote the mtg. per the government guidelines. The title companies go page by page by page by page at the closing and tell you exactly what you are signing>
GOPers are losing their homes too and their jobs too. The results of the mess touch everyone and the People need to put away "differences" to deal with the situation.
Don't fall into the us and them diversions.
There definitely was crime.... but very little, and those lenders were closed years ago... I can assure you, people did not want the fixed rate despite my efforts.... wanted the lower payment... It is important to note that most individuals that are losing their homes have refied many times and taken cash out... Also, there is no such thing as nothing down.... does not exist and never did.. seller concessions could take care of the down payment, and there are taxes and fees... People new exactly what they were doing.
Wow, ign0rant AND full of $h!t.... how DO you do it?
Exactly. Now let's also imagine the same repairman coming back to you and offering you "leak modification" at a high rate, and then NOT mitigating the leak.
Regrettably, "fraud, misrepresentation, deceptive practices" have been firmly ensconced as values as long as you make tons of money, have hapless victims to blame, and have friends in high places to help you dance on the edges of regulation and enforcement.
I'm with you completely, and I, too, am sick of the 'anyone who got taken deserved to be taken' meme.
Perhaps a case may be made for violations of the Federal Truth in Lending Act if no disclosure was made to these mortgage strapped customers regarding the likelihood of helping them prior to receiving funds.
Someone remind me -
Has anyone gone to trail over this? Any convictions?
Anyone?
"It is far easier and more legal to steal with a pen, then a gun."
Not to my knowledge..... I feel they are all in cahoots together. This has been made evident to me by the lenders refusing to defend themselves.... Most of us in the industry have been waiting for the rebuttle for years from the lenders... no rebuttle.... DC and the lenders are in bed together. period.. Besides, should they convict anyone, it would be many in congress......
Angelo Mozilo charged with fraud by the SEC.
No trial yet, Countrywide is still in business.
Coming from the mortgage industry as I do (or did) prior to the layoffs, I can assure you that the sub prime mtg. products were invented, inacted, pushed, and regulated by the federal government. Almost 95% of what has been told by the federal government in regard to subprime is a lie...... No one should pay anything to have their mtg. reset of modified..... ever, the lender will work with you because they have too.. just as they had to lend on sub prime terms.
hey fbi do your job
Not just the F.B.I.... judging by the statements in the article, there appears to be ample evidence to justify criminal investigations by local & state law enforcement agencies too. Not to mention that city officials also have a responsibility to monitor & investigate licensed businesses in their jurisdictions, their failure to act in light of such widely publicised allegations of fraud and deceptive practices could leave them open to civil lawsuits. There also appears to be at least 9 Attorneys whose practices should be investigated.
obama's idea of regulation is to further instituionalize deregulation...
thx for the chump change barack :(
Kinda reminds me of the old saying, "a sucker is born is every minute". Unfortunately, there have always been crooks out their trying to steal from people.
It has NOTHING to do with the President, but rather the responsibility is on the individual. We all need to be accountable for our own actions.
Investigate, investigate, investigate--a loan company, a contractor, etc.
I don't see Obama putting the screws to them. He reacts after the fact, after the horse done left the barn. I am wondering if he is being told how to act. This is just unbelievable to loan out money without strings attached. So how is our country supposed to recoup from that. No one has stopped the mess yet.
Why do you have to blame Obama? I am sick to death of people who were never really supporters blaming the man for everything that is going wrong in the world. Blame yourself.
Is the old fashioned flim-flam man a government entity? Of course not. As long as someone wants to take from you, they will find a way to do it.
A Government for the rich, bought by the tax payers and ordinary people. WE will never learn. Time to throw out the bumbs.
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First Posted: 07-20-09 08:17 AM | Updated: 07-20-09 08:22 AM