michaelblomquist

Paulson Should Remain Treasurer Through the Elections

What NO ONE realizes is the amount of fraud and worthless debt that still remains within Fannie/Freddie and hundreds of banking institutions. The market has maybe...MAYBE realized 30% of the pending losses from many years of fraudulent lending.

These enormous bailouts will only kick the can into 2009; if that long. America is bankrupt. PERIOD. Instead of digging deeper we need to restructure our debt before we completely collapse or our "leaders" get us into WWIII.

Call congress and demand prosecution of these white collar crimes and criminals. The financial losses will be nothing compared to a complete loss of confidence in "free market" capitalism and the US of A.

Mortgage Fraud Is on the Rise, Infecting the GSEs

I highly doubt the fraud is up; the problem is depreciation. I know some of you may find this hard to believe, but the Lenders, I-banks and credit rating agencies were looking the other way and knowingly funding fraudulent loans. In they heyday there was little reporting of fraud, but it did exist. Today, there is no double digit appreciation to bail out the defaulting borrowers, Lenders, etc. so they are stuck with a bad loan instead of being able to sell it or refi the turd.

Dinochick: Did you work for any of the I-banks, which lenders?