[quote=Arraya]Indeed, the poor unsuspecting banks were tricked by unscrupulous immigrants, poor people and their enabling leftist politicians.[/quote]
Arraya, in many, many instances here, I think the “poor unsuspecting banks” were “tricked” by the “unscrupulous” independent MORTGAGE BROKERS they contracted with to initiate and process applications for them from “immigrants” and “poor people,” who were so ignorant they couldn’t even have filled out a mortgage loan application, let alone figure out how to “fake” their incomes and tax returns :=[
It’s amazing what these “poor” lenders (in firing all their in-house mortgage loan officers and allowing their *new* “independent mortgage brokers” to pad HUD-1’s with multiple points and garbage charges and then offer them generous back-end “yield-spread-premiums” upon closing) did for the US economy!!
This “new business model” was the perfect recipe for FRAUD, based only upon SIZE and UP-FRONT PROFITABILITY of a loan. Sustained longetivity or viability of mortgage loans were never even considered by these “poor unsuspecting banks.”
The current “foreclosure crisis” is due to unfettered GREED at all levels, starting at the TOP.
