Money – Federal agencies are intensifying a criminal investigation of the mortgage industry and focusing on whether some lenders turned a blind eye to inflated income figures provided by borrowers.
They should have never deregulated the banks. They were regulated because of this same abuse and recklessness. time to reregulate them completely. Let the investigation draw an unskewed conclusion!
I doubt that an investigation will get to the bottom of the problem since both sides of the aisle are at fault
CONGRESSIONAL RECORD: Extensions of Remarks HON. SHEILA JACKSON-LEE
Today I rise in support of H.R. 10, the Financial Services Competition Act of 1999
Today's vote represents groundbreaking financial services legislation that would dismantle many of the depression era laws currently hindering the financial services industry from engaging in a modern global marketplace.
CRA is a success story. Between 1993 and 1997, the number of home purchase loans to African Americans soared 62 percent; Hispanics saw an increase of 58 percent, Asian Americans nearly 30 percent; and loans to Native Americans increased by 25 percent.
In Congress, we have spent more than twenty years debating how to update the Nation's antiquated banking laws that prohibit banks, securities firms and insurance companies from entering into another's businesses.
http://64.233.167.104/search?q=cache:BbjQwpXE_U...
Do you think a single member of Congress who supported the extension of these loans will now step up to the plate and acknowledge they helped create this mess?
These are the very same people who today are condemning what went on
I am a real estate agent in Chicago and I can tell you that I witnessed first hand mortgage lenders who were inlfating the costs of the condominiums and the appraised values in order to get their clients to buy. It was disgusting and I distanced myself from these brokers as much as possible. My problem was that I couldn't tell someone who to deal with. I could only suggest. And I didn't want to upset the buyer by telling them that their mortgage agent was a liar and a cheat.
Deregulation under Bush was a green light to fraud, deception and greed. Follow the money. Under Bush, all those free from regulation, made out quite all right but couldn't rein in their excesses. And this mortgage crisis is one of messes it created and another is our higher gas and food prices along with exporting our manufacturing base.
I think it would be a very good thing if a large number of people were hauled off to prison for this debacle. Including, perhaps, a number who FAILED to exercise any regulatory oversight. The thing that these as$hole greedy bankers ALWAYS tend to forget: IT IS NOT THEIR MONEY. It belongs to the depositors, and they really shouldn't be so careless about what they do with it.
This whole foreclosure issue came from all these shady practices ... it's a mad craze out there. If you can't beat them, might as well profit from them.
http://www.foreclosurecraze.com
I think the current crisis precipitated by faulty lending practises clearly demonstrates that there is a need for rules and oversight. Even though the bad loans are only a relatively small percentage of the total loans issued during the period, the prospect of a quick profit through commision and resale of questionable portofolios, created enough greed to jeopardise the entire system.
What many individuals and institutions did, probably was, by the letter of existing law, lawfull, they still broke moral intent, and the spirit of the law.
Untill we the people realize that there are costs in living in a society such as ours, and are willing to support the infrastructure to mantain it, and to elect, and control those we elect to legal and moral standards, problems such as this will continue to come to light.
We are supposed to be the leader of the free world, but having abdicated that responsability, we are increasingly viewed and treated as a 3rd rate society.
Yep this is one of the biggest acts of crime committed against the people of the US - Like a feeding frenzy, fake bank statements being produced and sold, bank managers looking the other way...
Huge mess - http://auctions.fastrealestate.net Check the forclosure numbers here.
1980's US.Gov Was Bailing $$$ Out(Foreclosures) Savings & Loans Banks,i.e. My Trust Deeds Sold While In Bankruptcy Courts, I Lost It All End Up From 4 Bedroom House To Sleeping In My 2 Seat Car 5 Long Months...
US.Gov (Politician$)Could Care Less About You Or Me Or Any Homeless = They're Hoping You- We -Your Children All Die In Steets= Less Social Security & Health Benefits $$$ They Have Pay Out= GREED MONGERING CORPORATE AMERICA RULE$...
MeanMotherUSA
We are a 3rd rate society. Most don't realize it yet.
People in the middle who are prospering now are under the illusion that this is a free market and that there is upward mobility for all.
We are all in a fixed game and your owners, the Rockefellers et al, are not benevolent rulers who want prosperity for all.
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I wish the government would do something. I just saw a new For Sale sign go up for no money down at a condo complex.
Banks are regulated, mortage companies aren't. Countrywide a souless company got its money from Bank of Amereica.
BOA couldn't do the loans so they had CW create them.
It sounds a little like the Manson family.
What??? Some people LIED about their credit?? Say it ain't so! Say it ain't so!!!
And now we're supposed to bail out the same liars? If the mortgage companies are held liable, so should those who lied.
And no damned bailout!!!!
hilarious,
Nobody can lie about their credit! It's tied to their SS number.
Mortgage companies are a bunch of morons. They have no responsibility to the lender. And the lenders are money grubbing fat cats who are too cheap to pay for more loan officers to process each loan application. They both deserve not one single penny from the taxpayers. Instead the bank's board of directors should be stripped of all their assets and made to live in a hovel...together. Those assets could pay back the taxpayers for any money they put out.
If borrowers put down false information - like exaggerating their income, it's a lie. Hilarious! lol
hilarious,
The problem is that you just don't get it.
The banks laziness, by using mortgage companies, abrogated their responsibility. They did this in order to gain a profit by not having to pay an employee to that work. Now they're claiming ignorance? Give us all a break!
No bailout? That is so two months ago, man. The federal reserve doesn't sit around waiting for congress and the president to come up with a bailout, they just do it themselves. The "bailout" has been going strong for more than a month now and its picking up speed lately with the student loan & credit card announcement.
Might be a good time to buy!