NOT A NEW WORLD ORDER?????….FOR THE LOVE OF GOD CAITLIN WAKE UP…BEFORE THEY LOAD YOU ON THE TRAIN TO THE FEMA CAMP…..

Like my friend who has 3 years left to pay on her house…lost her job in bank security of 20 years and her husband is a carpenter who has not had steady work since the bubble burst….Chase has already had some asshole out to her house to take pix of her house…she is three mos. behind….THIS WAS A HITLER PLAN…PERIOD…FICO SCORES, LIARS LOANS…TILA VIOLATIONS…ALL PART OF THE SET UP TO FAIL…ALONG WITH STRATEGIC NEITSZCHE CLASSWARFARE TACTICS BY THE NAZIS AT THE FED AND THE TREAS…..TO TRY AND FORCE ALL OF US TO PAY FOR WALL STREETS FRAUD..AND STEAL EVERYTHING FROM ALL OF US, INCLUDING OUR COUNTRY…..CRIMINALS AND TREASONISTS ALL OF THEM…..!! LOCK EM UP AND THROW OUT ALL OF THE TRAITOR POLITICIANS….ASAP!!!!

BOTTOM LINE…WE WERE ALL SET UP TO FAIL…THE ENTIRE COUNTRY….AN ATTORNEY TOLD ME THAT THE GOVERNMENT IS GOING TO TAKE EVERY HO– USE BACK FROM EVERY SINGLE ONE OF US…I SAID, THAT IS COMMUNISM…THE ATTORNEY SAID, THAT IS TOTAL COMMUNISM….HE SAID…HE DOES NOT WANT TO BE HERE TO SEE THIS, HE IS GOING TO LEAVE THE COUNTRY BECA– USE IF THE ECONOMY GETS ANY WORSE….IT WONT MATTER IF YOUR PAYING YOUR MORTGAGE OR NOT IT WILL BE ANARCHY……CNBC REPORTED THAT THE FEDERAL GOVERNMENT WANTS TO BE THE BIGGEST LANDLORD IN THE WORLD…..VIA FANNIE AND FREDDIE…I SAY…FUCK THEM….!!!!

Rob – subprime mortgages were usually targeted at older, poorer people, and to people of color, sometimes through church communities. To me, the most tragic stories are those where people who already had high amounts of equity or even owned their homes outright were talked into ‘putting their equity to work’ by taking out subprime mortgages, even though some of them qualified for prime rates.

How did borrowers qualify? Fraudulently. Sometimes the mortgage broker changed the income reported by the borrower, sometimes the borrower was put into an ARM when they thought they were getting a fixed rate loan, often the value of the house was fraudulently inflated so the loan to value ratio would pass.

Mortgage brokers were motivated to sell subprime by earning better commissions than from prime because the interest rates earned by the banks were higher. No one cared whether the older, poorer person could pay the loan back because the lender wasn’t going to hold it, anyway, but just sold it on up the chain in the securitization process.

These loans had pretty much failed and passed out of the system by the middle to the end of 2009.

Since then, the failures have largely been among Alt-A loans. These were made to people with more means than subprime borrowers and involved larger amounts of money because the houses had higher prices. They were also called stated income or liar’s loans because the borrower didn’t have to document their income. In place of proof of income, lenders accepted high FICO scores – which pretty much eliminated most poorer borrowers. These were attractive to mortgage brokers because the commissions on higher value homes (i.e. bigger loans) were higher.

The million dollar question you’re correctly asking is “Why would any bank make a loan to anyone when simple logic says the loan is going to fail?”

And the answer is big money and low risk.

There was a ton of money made at every step of the origination and securitization process. Fees and commissions were earned at every level. No one cared or needed to care about the quality or risk of the loans because nobody held onto them long enough to get stuck with losses. Except for the securities investors of course, they cared deeply about the quality because they were the last stop on the line and they were the ones who were to hold onto the mortgage long term.

Investors had no interest in buying mortgages that were doomed to fail so investment banks got around that one by lying. Goldman, Merrill and the other mafia dons paid the rating agencies for AAA ratings, sold trillions of dollars worth of toxic mortgages to towns, little banks, firemen pension funds etc. and then turned around and shorted their own securities, ensuring that they would make money when the mortgages failed, as they were practically guaranteed to do.

It was a process steeped in fraud and corruption at every step. Through a modern day Gresham’s dynamic, honest players were driven out of business by the corrupt. After destroying economies around the world, it will probably end up bringing down governments as people respond with increasing outrage to the destruction of their livelihoods, communities and futures while watching the rich get richer and the criminals escape justice with impunity.

Really, Rob, it was just greed, enabled by deregulation and the systematic defanging of the few remaining regulators. Just greed. Not a new world order, not the ‘other’, not the CRA which was passed under Carter and never caused anything even approaching a crisis in 30 years. It’s a classic example of the banality of evil.

It truly infuriates me, shames me and, at the same time, breaks my heart to think that our great country could have created this fiasco and could have exported it around the world.

Watching HO– USE OF CARDS on CNBC..About the housing boom and what FANNIE/FREDDIE, WALL STREET AND THE RATINGS AGENCIES DID…AND WHAT THE FEDERAL REGULATORY AGENCIES DID NOT DO….TO STOP THEM…THEY DID NOTHING…AT ALL..Pretty interesting….There is no way this was not an evil Hitler Plan from the begining to bankrupt the 99%….by the NEW WORLD ORDER, IN COLLUSION WITH THE U.S. GOVERMENT…PURE EVIL…I WOULD NOT PAY ANY OF THE BASTARDS…AT ALL..!!

Nearly all of the politicans are traitors from the top down and on the inside… The change has to come through all of us, WE THE PEOPLE have to exert our Constitutional Rights and demand the changes…I refuse to vote for any of them from either commie party…they are all either hijacked by NWO corruption or members of the U.N./NEW WORLD ORDER……No one wants this Global Hitler Plan…so stop conforming and paying…We are allowing it by passively accepting everything they do to all of us and tell all of us to do…They raise taxes, take away more and more of our rights…and WE THE PEOPLE do nothing at all….the traitors are still all doing business as usual and robbing all of us to pay for all of their fraud on a daily basis….WAKE UP AMERICA…STOP CONFORMING TO IT AND STOP ALLOWING IT…!! If we keep allowing it, soon it will be all out GLOBAL TOTALITARIANISM……THE NWO is waiting to strike the final blow….to take over our NATIONAL SOVEREIGNTY….WE THE PEOPLE MUST THROW ALL OF THE TRAITOR POLITICIANS OUT AMERICA! WRITE IN YOUR CANDIDATE….ON PAPER BALLOTS…DEMAND WE THE PEOPLE COUNT OUR OWN VOTES..END THE ELECTORAL COLLEGE..IT IS A SHAM AND A FRAUD……DEMAND WE ARE ISSUED OUR OWN CURRENCY AS THE U.S CONSTITUTION REQUIRES..OPEN UP FORT KNOXX TO THE PEOPLE…HOLD THE U.S TREASURY ACCOUNTABLE FOR WHERE ARE THE ORIGINAL NOTES?….HOLD THE POLITICIANS ACCOUNTABLE FOR THE MORTGAGE FRAUD FROM PAST AND PRESENT ADMINISTRATION…WHY IS THE FED COLLECTING TRILLIONS A MONTH IN MORTGAGE MONEY AND BUYING U.S. TREASURIES WITH THAT MONEY? WHO ARE THEY SELLING THOSE TREASURIES TOO….? THEY ARE BACKED BY NO COLLATERAL AT ALL …THE FED IS BLOWING UP ANOTHER BUBBLE… …ABOLISH THE FED..REMOVE OURSELVES FROM THE U.N, NO MORE FEDERAL TAXES, THERE SHOULD BE A STATE BANK IN EACH STATE THAT COLLECTS OUR TAXES, WITH FULL ACCOUNTING BI YEARLY AND AUDITING YEARLY… THAT COLLECTS THE TAXES FOR THE STATES..AFTER THE BILLS ARE PAID, WITH FULL ACCOUNTING OF COURSE,.LET THE PEOPLE OF EACH STATE DECIDE AND VOTE ON HOW THAT MONEY IS ALLOCATED……..LET THE TBTF EAT THEIR FRAUD AND, FAIL…DEMAND CONGRESS RE-ESTABLISH THE U.S. CONSTITUTION TO ITS ORIGINAL FORM……OR WE ARE DOOMED….!!!

CAITLIN O…ABSOLUTELY CORRECT THAT THE INDUSTRY GAVE THE LIARS LOANS BUT, AS USUAL THE DEVIL IS IN THE DETAILS….READ THIS ARTICLE:
HOW THE U.S. GOVERNMENT ENGINEERED THE CURRENT ECONOMIC CRISIS:
http://techcrunch.com/2008/09/26/the-us-government-engineered-the-current-economic-crisis/

Caitlin……than how did 50 year old women……living by themselves, in low income neighborhoods, with nearly no income…..receive any home loans at all. Of course they were subprime and ALT-A loans and purposely designed to fail.

You’re absolutely correct. William Black, my hero, has covered this extensively. The real problem was Liar’s Loans which were never given to subprime, poor or disadvantaged customers. As Prof Black has pointed out, the name was given to these loans by the industry itself and was 100% accurate.

Pouring more gasolne on the smoldering fury of wronged Americans.