All bankers are criminals and should be treated as such.

 The people in charge of these banks which did this should be killed
and their property confiscated to pay off any debt.

This is the only true way to handle these on-going bank frauds and
stock market swindles.

But the bankers work in extended crime families. It is necessary to
arrest all of the bankers, CEOs and Board members as well as their
entire extended families and business associates.

Put them on trial for grand larceny and treason, and confiscate
everything that they have swindled. This would erase the National Debt
and give every American and Englishman their own home free and clear
of debt.

 

Now slow down sparkey.  These lenders didn't go out, waylay some poor scmuck
on the street and force them to take out a loan they couldn't support.

It took at least two to create the problem.  Lender and borrower.  Greedy
lenders. Greedy borrowers.





And the folks who said they had income sufficient to repay the debt?  I
doubt that there is just one no-doc loan that contains a tad of expectations
and puffery on the application filled out by the borrower.  Nope, not just
one for sure.  In fact, I'd be surprised if there were one that didn't
contain some erroneous claim by the borrower about their income or assets.

Seems there is sufficient fraud on both sides to go around.





You have to remember that home equity loans are a relatively new idea.
Brought out by lenders to meet the demand of borrowers.  Greedy borrowers
took to them like a teen to a text message.  Borrowers took out home equity
loans to do stupid things like go on vacation.  They used their house like
an ATM, borrowing any and all equity they could, refinancing and rolling up
the HELOC, and second mortgages into one big first mortgage with a cash out
and starting all over again.

So who caused the mess you're in?  If not you - the borrower - then who?
And why is it someone elses fault that they let you - the borrower - be
greedy?

Is it the cops fault that they let you speed?  It's the fault of the road
department for making the roads so smooth that you can go twice the speed
limit?  So now what, you shouldn't have to pay the speeding ticket?






--
"For those who believe, no explanation is necessary.  For
those who do not, none will suffice." - Joseph Dunniger

Paul A. Thomas, CPA
Athens, Georgia

 Paul Thomas, CPA wrote:

  I don't really disagree with you, but...

There's some evidence that as much as one quarter of all subprime loans
could have been financed otherwise. In that respect at least some of
these smucks were waylaid. There was also the implication that they
could refinance after their property had appreciated.

   Oh it goes beyond that. When you make CDOs of that debt it became
easy for the bond rating agencies to never really look into that complex
mess and just do what those who hired them wanted. All  everyone wanted
was to drive this foolish easy money/ easy profit market.

   The real failure, IMHO, is that the regulators did exactly what the
sharks wanted. Not what was good for them or the country but what  they
wanted. That permissiveness is a hallmark of this era.

   Jeff

 Paul Thomas, CPA wrote:

  I don't really disagree with you, but...

There's some evidence that as much as one quarter of all subprime loans
could have been financed otherwise. In that respect at least some of
these smucks were waylaid. There was also the implication that they
could refinance after their property had appreciated.

   Oh it goes beyond that. When you make CDOs of that debt it became
easy for the bond rating agencies to never really look into that complex
mess and just do what those who hired them wanted. All  everyone wanted
was to drive this foolish easy money/ easy profit market.

   The real failure, IMHO, is that the regulators did exactly what the
sharks wanted. Not what was good for them or the country but what  they
wanted. That permissiveness is a hallmark of this era.

   Jeff

 Paul Thomas, CPA wrote:

    And only the lenders a being bailed out.