RollingStone: Matt Taibbi: Courts Helping Banks Screw Over Homeowners

[bearishgurl]

[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.

[CA renter]

Absolutely right, BG.

[CA renter]

Absolutely right, BG.

[CA renter]

Absolutely right, BG.

[CA renter]

Absolutely right, BG.

[CA renter]

Absolutely right, BG.

[permabear]

You guys can’t be apologizing for the banks, can you? It’s so obvious that fraud has been perpetrated at every single level. There’s evidence that no-doc loans were very much desired by banks explicitly because then there was no paper trail if/when the whole securitization process was found to be a complete sham. A get out of jail free card, if you will.

[permabear]

You guys can’t be apologizing for the banks, can you? It’s so obvious that fraud has been perpetrated at every single level. There’s evidence that no-doc loans were very much desired by banks explicitly because then there was no paper trail if/when the whole securitization process was found to be a complete sham. A get out of jail free card, if you will.

[permabear]

You guys can’t be apologizing for the banks, can you? It’s so obvious that fraud has been perpetrated at every single level. There’s evidence that no-doc loans were very much desired by banks explicitly because then there was no paper trail if/when the whole securitization process was found to be a complete sham. A get out of jail free card, if you will.

[permabear]

You guys can’t be apologizing for the banks, can you? It’s so obvious that fraud has been perpetrated at every single level. There’s evidence that no-doc loans were very much desired by banks explicitly because then there was no paper trail if/when the whole securitization process was found to be a complete sham. A get out of jail free card, if you will.

[permabear]

You guys can’t be apologizing for the banks, can you? It’s so obvious that fraud has been perpetrated at every single level. There’s evidence that no-doc loans were very much desired by banks explicitly because then there was no paper trail if/when the whole securitization process was found to be a complete sham. A get out of jail free card, if you will.

[Casca]

Exactly Perma, to make a deal it takes two parties acting in good faith. As soon as one party starts acting in bad faith, there is no bargain. We’re a nation rife with knaves to whom a contract, let alone a handshake or one’s word, is meaningless.

Funny thing is I live in Jacksonville now. For a pittance I have an elegant penthouse condo on the river just steps from the Club Continental. I miss my California friends, but I’ll be back after the economic collapse.

[Casca]

Exactly Perma, to make a deal it takes two parties acting in good faith. As soon as one party starts acting in bad faith, there is no bargain. We’re a nation rife with knaves to whom a contract, let alone a handshake or one’s word, is meaningless.

Funny thing is I live in Jacksonville now. For a pittance I have an elegant penthouse condo on the river just steps from the Club Continental. I miss my California friends, but I’ll be back after the economic collapse.

[Casca]

Exactly Perma, to make a deal it takes two parties acting in good faith. As soon as one party starts acting in bad faith, there is no bargain. We’re a nation rife with knaves to whom a contract, let alone a handshake or one’s word, is meaningless.

Funny thing is I live in Jacksonville now. For a pittance I have an elegant penthouse condo on the river just steps from the Club Continental. I miss my California friends, but I’ll be back after the economic collapse.

[Casca]

Exactly Perma, to make a deal it takes two parties acting in good faith. As soon as one party starts acting in bad faith, there is no bargain. We’re a nation rife with knaves to whom a contract, let alone a handshake or one’s word, is meaningless.

Funny thing is I live in Jacksonville now. For a pittance I have an elegant penthouse condo on the river just steps from the Club Continental. I miss my California friends, but I’ll be back after the economic collapse.

[Author]

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