September 03, 2008

Confessions of a Subprime Lender

Too bad America doesn't have a Justice Department or an FBI anymore. You know, because mortgage fraud used to be a crime.

14 comments:

Ex-Yorkshire Lass said...

What's Will Ferrell doing on Faux Business?

Anonymous said...

An honest man? What a joke.

Ohio Loan Officer said...

It's all about greed---
The Wall Street Brokerages made huge $$ on subprime loans.
The Wholesalers made huge $$ on subprime loans.
The Brokers made big $$ on subprime loans.
Joe Sixpack got to buy that brand new 4 bedroom two story that Sally SoccerMom has been bugging him for but he never could afford.

Everyone got taken by greed. All the way down to the home buyer.

Arrest him immediately said...

Dress this guy in red with little horns on each side of its head and not only to you have a picture of the devil itself, but the main perpetrator in the worldide economic crash.

Anonymous said...

Keith - As the mother of 2 young children it seems to me that a lot of these folks ate a 5-course meal at a fancy restaurant, then ran out on a tab they're expecting my daughters will wash dishes to make right! Why is everyone allowed to walk away and just shrug their shoulders? Why not start garnishing SS benefits, etc. immediately when there's an opportunity? Or am I naive to think this way? It just feels like everyone is so passive in this mess and I would appreciate more of a climate where some degree of blame is accepted by all, and a practical solution to recapture some of these write offs is shouldered by all who participated. I'll miss you after November! L.

Pander or starve to death? said...

"Ohio Loan Officer said...

Everyone got taken by greed. All the way down to the home buyer."

Wrong Again, "Banker".

Many of us that saved and have piles of cash available are currently turning-the-screws on sellers of everything from hay to houses.

It is time in America for the failed and doomed speculators, including disgraced bankers to get owned...

On Your Knees where you belong or starve. What's it going to be?

Anonymous said...

Americans don't want to believe it. They rather believe Hannity, Rove and Oreilly's. You have the bad guys coming out and saying "yeah, our system is corrupted..Do something." Republicans want a government with no regulation and this is the outcome. Period.
I really with Ron Paul was on the ticket. Republicans aren't stupid just greedy.

Anonymous said...

Geed?? Oh my. Americans when are you going to wake up?
Forget the Superbowl elections..Who's team will win..
Blue 50 Pt. Red 2Pts. Forget it.
This is just the begining.
What about the fraud with Katrina?
What about the Fraud with Haliburton? with Blackwater USA?
KGR? What about the fraud with our CEO? Insider trading..
Lets talk about Hedge Fund?
Come on.....America is in deep...
really deep....
But we think we may hit the realestate lottery so we look the other way. We may think we get that insider trading we look the other way.
Hate to tell you but you wont be the next billionaire or trillionaire the way this coruption and greed is going.
I believe in my heart when you hit rock bottom and we will. If there is a revolution with the people then things will get better.
Come on the bad guys are saying America wake up look what we have been getting away with..right under your nose!

blinded justice said...

Our Justice(?) Department has been a national disgrace under the Bush administration.

Hopefully, an Obama administration can light a fire under the asses of these overpaid, bureaucratic freeloaders.

k.w. - Southern Ca. said...

"Speed talkers" ALWAYS bother me ... slow them down, and you'll realize there isn't much truth there through all the verbage.

This guy left the market when he realized it was no longer profitable for him.

Honesty is one thing most of these lenders know nothing about.

A baby booner selling property to the X and Y generations.

k.w. - Southern Ca. said...

Absolutely.

Unfortuantely, the most guilty in this mortgage mess know how to squirrel their money away very quickly.

Some have described the losses we are still going to see as very far reaching. It is definitely like a tsunami wave, and it will come in stages for the months and years ahead of us.


Anonymous said...
Keith - As the mother of 2 young children it seems to me that a lot of these folks ate a 5-course meal at a fancy restaurant, then ran out on a tab they're expecting my daughters will wash dishes to make right! Why is everyone allowed to walk away and just shrug their shoulders? Why not start garnishing SS benefits, etc. immediately when there's an opportunity? Or am I naive to think this way? It just feels like everyone is so passive in this mess and I would appreciate more of a climate where some degree of blame is accepted by all, and a practical solution to recapture some of these write offs is shouldered by all who participated. I'll miss you after November! L.

gw said...

The brokers were my customers...

Ok as a wholesale lender what did you sell? Right you did not sell you did lend out other peoples money.

You imported the drugs sorry I meant money in large quantities and had some junkies sorry I meant brokers pushing it to spoilt sorry I meant deserving fellow citizens.

Refuse to buy overpriced said...

"Too bad America doesn't have a Justice Department or an FBI anymore. You know, because mortgage fraud used to be a crime"


New Jersey, as a state, bears some of the blame for the FBI's failure to go after mortgage fraudsters in recent years.

The FBI was too busy with corrupt politicians, mafia and terrorists in the Garden State. No resources were left for the rest of the country.

Thank you, US taxpayers. Federal law enforcement is the only thing that keeps NJ a decent place to live. Without the FBI, there would be no justice in this corrupt state.

Anonymous said...

In America rich people are above the law.