Propublica wins a Pulitzer

[Truthmatters]

yes that is a good part of what I was talking about.

I have been at this site for years and the right wing here all claimed as long as they could (some still do) that this was all the fault of people buying mortgages they could not afford.

Its an idiots pursuit but the right wing in this site never met a fact they respect if it doesnt fit into their brainwashed thinking

 

[g5000]

Politicians do not know how Wall Street works. They do not know a CDO from a hole in their head.

There is plenty of evidence with debunks the CRA scapegoat, but perhaps the strongest evidence is demonstrated by the line of questioning which came from Republicans as they grilled Dick Fuld a couple weeks after the collapse of Lehman Brothers.

The Republicans had already gotten it in their heads that this whole thing was caused by the CRA. The global credit crisis hadn't even gotten its legs yet and they already thought they had the problem identified.

And so they asked Dick Fuld how much the CRA had to do with his company imploding.

Now here was a golden opportunity for Dick Fuld. He was being lobbed a softball pitch on which he could hang his complete fuck-up on.

Instead, he said, "De minimus."

And to this day, you will not find one CEO of any financial company on Wall Street blaming the CRA.

This is another one of those whack-a-mole theories which never dies for some idiotic reason.

 

[Truthmatters]

Its right wing talking points.

the stupid creatins who claim this dont think for themselves.

They lap up right wing talking points without a single independent thought.

This site is lousy with them

 

[Claudette]

yes that is a good part of what I was talking about.

I have been at this site for years and the right wing here all claimed as long as they could (some still do) that this was all the fault of people buying mortgages they could not afford.

Its an idiots pursuit but the right wing in this site never met a fact they respect if it doesnt fit into their brainwashed thinking

Speaking of brainwashed thinking.

Loads of people did buy mortgages they couldn't afford. Only and idiot like you would think otherwise.

Many things contributed to the meltdown. You prefer to blame it all on evil Wall St. when it was a combination of things. Unaffordable mortgages being one of em.

 

[Truthmatters]

Archived-Articles: The Financial Mess: How We Got Here


what idiots

 

[Truthmatters]

and there marches one of the fools.

They seem to fail to realize No one had to loan these poor people money if they did not want to.

 

[Claudette]

Archived-Articles: The Financial Mess: How We Got Here


what idiots

Gotta agee. Your one.

 

[Truthmatters]

how can you be so stupid claudia?

You dont evern understand a thing you are talking about here

 

[g5000]

I have been at this site for years and the right wing here all claimed as long as they could (some still do) that this was all the fault of people buying mortgages they could not afford.

People borrowing money they could not afford to pay back is certainly one of the causes of the crisis. But it is not "all". It isn't even one of the larger causes.

When it comes to an idiot borrower who is taking out a loan they cannot afford, you have to think about the scene which occurred.

You have on one side of the desk a person who has had years of financial education and whose whole job is about making loans and due diligence and amortization and LIBOR and interest rates and so forth and so on.

On the other side of the desk is a blue collar worker who knows next to nothing about finances who is being told he can have the house of his wife's dreams.

Which one should know better about giving that man that much money?

The lender.

How stupid would you have to be to lend money to someone you know won't be able to pay it back?

 

[Truthmatters]

I have tried to point this out to the fools.

They just dont want facts, they prefer republican talking points to truth

 

[Claudette]

How stupid and unthinking would you have to be to take it knowing full well that there is no way in hell you can afford the payments??

I find it hard to believe anyone could be that dumb on both sides.

 

[Truthmatters]

How stupid and unthinking would you have to be to take it knowing full well that there is no way in hell you can afford the payments??

I find it hard to believe anyone could be that dumb on both sides.

Where is your blame for a lender who would offer the loan KNOWING the person will pay the interest for a couple of years and then default.

The bank having recieved the interest and then get the house to resell.

No you like a fool just blame the little guy who trusted the experts.

Do you know what a sub prime is caludette?

 

[Claudette]

Nothing says you have to sign on that dotted line.

 

[kiwiman127]

How stupid and unthinking would you have to be to take it knowing full well that there is no way in hell you can afford the payments??

I find it hard to believe anyone could be that dumb on both sides.

You are right, no question.

But one also has to realize there was misleading statements, predatory lending and fraud by many in the financial sector. There is legal action in all 50 states against the financial institutions who were involved in such crimes.

 

[g5000]

How stupid and unthinking would you have to be to take it knowing full well that there is no way in hell you can afford the payments??

Pretty stupid. But there were many cases of the borrower being told their loan was a fixed loan and the broker forging their signature on variable interest rate loans later.

How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis

A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.

It gets even better from there. Ripping good reading.

The CEO of Ameriquest was fined a paltry sum for fraud. Never spent a day in jail.

I find it hard to believe anyone could be that dumb on both sides.

As do I.

 

[Avatar4321]

while Im sure their writing is extremely well, why should I care who wins a meaningless award?

 

[Truthmatters]

You dont accept facts anyway so why would I expect you to repect Pulitzer

 

[Claudette]

How stupid and unthinking would you have to be to take it knowing full well that there is no way in hell you can afford the payments??

Pretty stupid. But there were many cases of the borrower being told their loan was a fixed loan and the broker forging their signature on variable interest rate loans later.

How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis

A few weeks after he started working at Ameriquest Mortgage, Mark Glover looked up from his cubicle and saw a coworker do something odd. The guy stood at his desk on the twenty-third floor of downtown Los Angeles's Union Bank Building. He placed two sheets of paper against the window. Then he used the light streaming through the window to trace something from one piece of paper to another. Somebody's signature.

It gets even better from there. Ripping good reading.

The CEO of Ameriquest was fined a paltry sum for fraud. Never spent a day in jail.

I find it hard to believe anyone could be that dumb on both sides.

As do I.

Theres certainly blame enough to go round.

None of em are innocent in the whole mess.

 

[Truthmatters]

The Vast majority of the blame lies squarely with the people who ran these lending institutions.

They were supposed to be the professionals and they turned out to be criminals

 

[Avatar4321]

You dont accept facts anyway so why would I expect you to repect Pulitzer

First, the two aren't at all related.

Second, I'm not the one in this conversation that doesn't accept facts.