The true record of The Decider

[GG]

So your point is if educated, experienced, professionals can take advantage of someone else who is less educated and less experienced then it is the that persons fault for ignorantly trusting - you live by that W.C. Fields line "never give a sucker an even break, or smarten up a chump" good for you I hope someone brands crook into your forehead so people can see you coming.

 

Just for kicks, what percent of the people who obtained those bad bad loans were the less educated suckers who got hoodwinked by the evil bankers vs the smart alecs who knew the risks perfectly well, yet still took advantage of the pool of money available to them as long as they showed a real estate deed?

[....lybob]

"Got money up front"? We're talking about loans, you nitwit.

 

For the most part, the lenders I worked with held the loan, and the buyers kept the house, under the government's "!@#$ you, I'm not responsible for paying you back because I deserve a house" program.

 

CLEARLY that represents a criminal conspiracy by the banks.

What there was no money put down on the price of the house which is an asset the bank owns until the mortgage is paid- so no one put any money down ever I take it back you are not a crook just a moron I hope you made it out OK did you lose much?

 

BTW Tommy how long have you worked for the Bailey Building and Loan Association anyways

Edited March 15, 2011 by ....lybob

[Pine Barrens Mafia]

But the bank officers weren't responsible for due diligence? - again lets punish both sides in these fraudulent transactions, a month in prison and a $100 dollar fine for each transaction they were involved in or oversaw.

 

 

And for anyone who lied on a mortgage app? If these poor, poor people had any kind of an ethical backbone, they should turn themselves in IMMEDIATELY.

 

Uh, right. Thought not.

Edited March 15, 2011 by joesixpack

[KD in CA]

Damn Jews.

 

 

[....lybob]

And for anyone who lied on a mortgage app? If these poor, poor people had any kind of an ethical backbone, they should turn themselves in IMMEDIATELY.

 

Uh, right. Thought not.

liar loans 1.51 min in listen to the guy talk about loan officers fraudulently changing loan information happens all the time it's a big problem in the industry- and as I said a month in jail and a $100 dollar fine for each case of fraud.

 

[Jim in Anchorage]

Just for kicks, what percent of the people who obtained those bad bad loans were the less educated suckers who got hoodwinked by the evil bankers vs the smart alecs who knew the risks perfectly well, yet still took advantage of the pool of money available to them as long as they showed a real estate deed?

I suspect far more of the latter. In the hardest hit areas-Fla,Az,Ca,Nevada-Condos were changing hands several times before they were completed. Pure speculation, not someone looking for a home.

As far as legit homebuyers, if you can't be bothered to understand the danger of a ARM [or even know you're signing one] I have no sympathy.

[....lybob]

Just for kicks, what percent of the people who obtained those bad bad loans were the less educated suckers who got hoodwinked by the evil bankers vs the smart alecs who knew the risks perfectly well, yet still took advantage of the pool of money available to them as long as they showed a real estate deed?

FBI

Based on existing investigations and mortgage fraud reporting, 80 percent of all reported fraud losses involve collaboration or collusion by industry insiders.

link

 

 

Also institutions that hold onto their loans had a default rate of 2%, institutions that made their mortgages into securitized products and sold them 10% default rate- because when your not selling your crap to the unsuspecting it makes you able to focus on the loans you make better.

Edited March 15, 2011 by ....lybob

[Bronc24]

I am waiting for you to provide the youtube link where bankers held a gun to these poor, unfortunate people's heads, a la Don Corleone.

[DC Tom]

FBI

 

link

 

Of course, by definition "fraud" is "anything the government decides is illegal/immoral"...and this would be the same government that set the lowered lending standards and questionable borrowing practices that allowed the American homeowner to rip off the lenders in the first place. I guess it's not "theft" if the government sanctions it.

[whateverdude]

Dexter is like getting a new puppy after the passing away of our old faithful dog conner.

[....lybob]

I am waiting for you to provide the youtube link where bankers held a gun to these poor, unfortunate people's heads, a la Don Corleone.

When did Don Corleone ever hold a gun to anyones head you simpleton.

[....lybob]

Of course, by definition "fraud" is "anything the government decides is illegal/immoral"...and this would be the same government that set the lowered lending standards and questionable borrowing practices that allowed the American homeowner to rip off the lenders in the first place. I guess it's not "theft" if the government sanctions it.

Did I ever give the impression that I didn't think that 99% of government is complicit in theft with the FIRE, Military industrial complex, Big energy, Big Pharma and Big Agricultural industry- but you are an apologist for big government too- really is there no establishment of power you don't bow down to.

[Chef Jim]

Did I ever give the impression that I didn't think that 99% of government is complicit in theft with the FIRE, Military industrial complex, Big energy, Big Pharma and Big Agricultural industry- but you are an apologist for big government too- really is there no establishment of power you don't bow down to.

 

I won't answer for Tom but I'll answer for myself. If they're going to make me money...no. Damn especially at the expense of stupid people.

[Bronc24]

When did Don Corleone ever hold a gun to anyones head you simpleton.

 

When he made some poor idiot sign a mortgage it was clear he could not afford.

[GG]

FBI

 

link

 

Good one, now you're using fraudulent cases as the sample for the entire class of borrowers who took out mortgages in the real estate run up? Wonderful. Did it ever dawn on you that people who are out to commit fraud would very likely enlist mortgage bankers who would be equally inclined to commit fraud?

 

Also institutions that hold onto their loans had a default rate of 2%, institutions that made their mortgages into securitized products and sold them 10% default rate- because when your not selling your crap to the unsuspecting it makes you able to focus on the loans you make better.

 

In English please?

[....lybob]

Lenders made loans that they knew borrowers could not afford and that could

cause massive losses to investors in mortgage securities. As early as September ,

Countrywide executives recognized that many of the loans they were originating

could result in “catastrophic consequences.” Less than a year later, they noted that

certain high-risk loans they were making could result not only in foreclosures but

also in “inancial and reputational catastrophe” for the firm. But they did not stop.

And the report documents that major financial institutions ineffectively sampled

loans they were purchasing to package and sell to investors. They knew a signiicant

percentage of the sampled loans did not meet their own underwriting standards or

those of the originators. Nonetheless, they sold those securities to investors. The

Commission’s review of many prospectuses provided to investors found that this critical information was not disclosed.

 

First, kudos to analyst Mike Mayo at Calyon Securities (USA) Inc., who offers the most colorful and best overall quote in the entire report.

 

In testimony before the commission, Mayo said that all the go-for-broke Wall Street and home loan products — from securitized mortgages to mortgage loans requiring no documentation of the borrower's ability to repay — were a lot "like cheap sangria" made of "a lot of cheap ingredients repackaged to sell at a premium."

 

Said Mayo: "It might taste good for a while, but you get headaches later and you have no idea what's really inside."

 

That sangria hangover hit us full force in the form of millions of lost jobs, millions of homeowners whose mortgages are now bigger than the still-declining values of their houses, and a line of homes in foreclosure that stretches to the horizon.

 

In Florida, the report points out the Miami Herald's investigative work that showed between 2000 and 2007, an astonishing 10,500-plus people with criminal records entered the mortgage broker business field in Florida, including 4,065 who had previously been convicted of such crimes as fraud, bank robbery, racketeering and extortion.

 

Tom Cardwell, commissioner of the Florida Office of Financial Regulation, told the commission that "Lax regulations" and a "lack of accountability … created a condition in which fraud flourished." Ya think?

 

The report also notes how real estate appraisers, as the housing bubble started to weaken, felt pressured to fabricate high home values. Lenders, one appraiser group warned, were "blacklisting honest appraisers" and instead assigning business only to appraisers who would hit desired price targets.

[DC Tom]

Did I ever give the impression that I didn't think that 99% of government is complicit in theft with the FIRE, Military industrial complex, Big energy, Big Pharma and Big Agricultural industry- but you are an apologist for big government too- really is there no establishment of power you don't bow down to.

 

 

Yeah, a big government platform is the cornerstone of my beliefs, as is clear from my posting history.

 

!@#$ing retard. Criminal idiots like you are the reason the financial industry almost collapsed.

[....lybob]

Yeah, a big government platform is the cornerstone of my beliefs, as is clear from my posting history.

 

!@#$ing retard. Criminal idiots like you are the reason the financial industry almost collapsed.

Tom stay exactly as you are, the living embodiment of the banality of evil.

[Dexter]

It is certainly fair to state that

 

 

NO W SUPPORTER CAN CLAIM TO BE AGAINST BIG GOVERNMENT AND/OR SOCIALISM

 

 

because support for W was support for big government and socialism...

[GG]

 

 

And just another wild guess that back in 2005 and 2006 you were petitioning your local politician to force tighter oversight of the regulated banks. You also camped out in front of Greenspan's office to say that he needed to put a freeze on all lending. Oh wait, you financed a mortgage at that time. Did you ask the banker for the higher mortgage rate because that was the prudent thing to do?