No Basis for Public Confidence: More Mortgage Missteps

Discussion in 'Current Events' started by statusquobuster, Mar 16, 2009.

  1. statusquobuster
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    statusquobuster BANNED

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    What you hear again and again about the unfolding of the economic meltdown is that it all started with bad home mortgages. Profit-hungry mortgage brokers, banks and other financial institutions eagerly promoted various kinds of mortgages that consumers could not really afford or deserve. Home-hungry Americans took advantage of what was being pushed on them. What now is beyond belief is that those greedy, criminal elements in the private sector have continued to take advantage of the mortgage system, and the government has not prevented it. Quick defaults have received little attention. What are they? They are mortgages that borrowers do not even pay more than one payment on.

    Read the rest of the my article at:

    No Basis for Public Confidence: More Mortgage Missteps by Joel Hirschhorn
     
  2. auditor0007
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    auditor0007 Gold Member

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    Surprise!
     
  3. toomuchtime_
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    toomuchtime_ Gold Member

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    If it's true that these defaults are the result of criminal actions by mortgage brokers/sales people, why aren't we hearing about thousands of prosecutions of these people? Is it perhaps that there was very little criminal activity involved, and the these greedy sales people needed to find equally greedy consumers to sell all of these mortgages? When fraudulent information was submitted, isn't it likely that either the consumer committed the fraud or that at the most the sales person was complicit with the consumer in committing the fraud?
     
  4. Sarah G
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    Sarah G When Nothing Goes Right, Go Left Supporting Member

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    It isn't just one thing. The two most important issues right now are to get the banks lending again and jobs. I don't think one is more important than the other.

    The problems with mortgages were the unscrupulous lenders and the people who agreed to get into the loans. If you look around at your friends and family, you will see how they got into any trouble that they are experiencing.

    At this point my family and friends are doing well with their mortgages. It is their jobs they are worried about.
     
    Last edited: Mar 17, 2009

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