mr_subprime

Jumpstart Spending With a National Housing Lottery

Now you've got me riled up! Why doesn't anyone "smart" pick up on the fact that secondary market securitization was the REASON banks like Wells and Citi, Lehman and others were up to their eyeballs in "PREDATORY LENDING". Any one ever hear of "equity stripping" ? I'm a sharp guy (when it comes to cars), but I didn't know s__t about mortgages, LIBOR rates, and you know what? My lender took great advantage of that fact. Now throw in that I was in a rental and someone at a bank said "You're qualified for a mortgage!" I didn't lie, but they sure did! Bogus asset statement, job and education info, bad fiduciary action on every issue. But they didn't care. Really, they didn't. They got paid the juice on the loan up front, sold it into a trust for the investors to buy, and now the ARMs in that trust are almost 19% in arrears, Bankruptcy, or REO. The banks stole from the borrowers and the investors. They robbed the bond insurers and they robbed the government. And after they steal the real estate through foreclosures, they'll own lots and lots of real estate. So all you really smart people out there who think that this all about a boatload of subprime borrowers defrauding the banks, do a little research. Then you'll sound a little bit smarter!