on Aug 6th, 2007Mortgage Banker Hucksters Secure Bankrupt Subprime Market
“I don’t think there is anything in the entire securitization process that is at all focused on the borrower’s interest,” said Kirsten Keefe, executive director of Americans for Fairness in Lending. “Everything they do is, ‘How are we going to make a profit, and how are we going to secure ourselves against risk?’ ”
Doesn’t that statement make you feel good..this is America, after all, land of the free and home of the free market that espouses making money is the only value worth possessing, even if it means screwing your neighbor and taking his home because you, Mr. Banker, decided to lend him money relying on the value of the house to secure the loan.
Once you realize that a fair portion of these home mortgages were sold to “subprime” borrowers (read the poor), you begin to realize the scope of Wall Street’s greed. They played their lending hand knowing full well the whole bet could implode…and it did, since everyone and their mother bought a house under the pretense that housing would appreciate at rates that exceeded any other investment vehicle. That, of course, turned out to be hucksterism.
So who pays for the mistakes…deliberate or otherwise? A Bear Stearns’ official for sure….I hear a tent makes a great second home. By the way, do you think Congress has any say in regulating how these bozos do business? If so, be sure to vote in Election 2008 to remove anyone who did nothing to REPRESENT your interest!!
Watch Jim Kramer meltdown on air over the fiasco
American Home Mortgage Files Chapter 11
Mortgage Maze May Increase Foreclosures
A Top Official at Bear Stearns Ousted