Comments on: Open Letter to Louis Ranieri, Father of Mortgage Backed Securities – Solving America’s Foreclosure Crisis https://4closurefraud.org/2010/08/18/open-letter-to-louis-ranieri-father-of-mortgage-backed-securities-solving-americas-foreclosure-crisis/ - Fighting Foreclosure Fraud BY SHARING THE KNOWLEDGE Thu, 19 Aug 2010 10:51:45 +0000 hourly 1 https://wordpress.org/?v=7.0.4 By: GParsons https://4closurefraud.org/2010/08/18/open-letter-to-louis-ranieri-father-of-mortgage-backed-securities-solving-americas-foreclosure-crisis/#comment-4022 Thu, 19 Aug 2010 10:51:45 +0000 https://4closurefraud.org/?p=8896#comment-4022 Modification would mean less “product” to sell… why else would they have targeted minorities and taken the time to statistically analyze when defaults would most likely occur? They make fees with each new transaction, so the more turn over of product the longer the train ride. I think they just lacked a sense of consequence (besides conscience and compassion) and didn’t factor the “run on the banks”, empty homes …or what a lot of defaults would do to the economy.

As for Lewis, his idiotic rant in his letter to the President on July 21, 2010 about the wonders of securitization and borrowers using their homes like ATMs, leaves me with this response:

30 years ago you couldn’t sell securitized mortgages to Russia, China and Saudi Arabia. 30 years ago the SEC would have had tighter controls on investment bankers. 30 years ago banks would not have bifurcated or lost the promissory notes. Yes, you can blame securitization and deregulation starting in 1982, 1994 and 1999 for the great demise of our nation.

How dare you blame homeowners when they were solicited by phone, television, radio, billboard, newsprint, magazines, US mail and Internet to refinance, add equity lines, apply for credit cards and “maintain” their credit for the purpose of carrying more credit. It was heavily promoted that “to spend” was good for the economy. Where were you every Christmas when the news focused on the retail shopping figures? No one ever pasted a disclaimer on a refinance commercial that said this loan may cause foreclosure, heartache, headache, insomnia, constipation, diarrhea and in some cases even death… or WTM (we target minorities).

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