James Theckston | Chase Banker Speaks, with Regret, Acknowledges Bankers are Responsible for Country’s Housing Mess

A Banker Speaks, With Regret

If you want to understand why the Occupy movement has found such traction, it helps to listen to a former banker like James Theckston. He fully acknowledges that he and other bankers are mostly responsible for the country’s housing mess.

As a regional vice president for Chase Home Finance in southern Florida, Theckston shoveled money at home borrowers. In 2007, his team wrote $2 billion in mortgages, he says. Sometimes those were “no documentation” mortgages.

“On the application, you don’t put down a job; you don’t show income; you don’t show assets,” he said. “But you still got a nod.”

“If you had some old bag lady walking down the street and she had a decent credit score, she got a loan,” he added.

Theckston says that borrowers made harebrained decisions and exaggerated their resources but that bankers were far more culpable — and that all this was driven by pressure from the top.

Check out the rest here…

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4closureFraud.org

Comments
3 Responses to “James Theckston | Chase Banker Speaks, with Regret, Acknowledges Bankers are Responsible for Country’s Housing Mess”
  1. David Dornbusch says:

    This YouTube video makes many of the same points in an illustrated rhyme.

    http://www.youtube.com/watch?v=3z587_i5pqU

    If you’re concerned about clicking on a URL that you don’t know, you can also access it through YouTube or Google. If you search for “a bedtime story of greed,” in YouTube it’s the 1st item, and the 1st and 3rd in Google.

  2. gregory says:

    How come He is not hauled infront of Congress for his side of the story? I wonder if he is afraid of disapearing like the robo signer????

  3. lvent says:

    I cam across an interesting you tube video last nite…It is an interview with Catherine Austin Fitts who worked for HUD under Bush…It is entitled: This is an Economic Depression by Design…:

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