Posted on 03/15/2007 7:35:10 PM PDT by M. Espinola
But does it shrink your carbon footprint?
AAAH!
The sky is falling!
Yes, if you stay home and don't buy anything you have greatly shrunk your carbon footprint, unless you burn the furniture for heat.
I wouldn't lend these people (FICO<500) money to buy a Tootsie roll, yet these mortgage companies did so.
You think this news is a joke?
It's not a joke, but it IS the marketplace serving up just desserts.
Home Equity Lending Abuses in the Subprime Mortgage Industry. March 16th, 1998
"The subprime mortgage market has flourished because such lending has been profitable.."
The problem is the entire nation will have to pay.
That's true. It's only the beginning.
((Ping))
Those mortgages all have an address. And the dirty little secret that all the power brokers from the White House down to your local bank won't tell you is that all too many of those addresses are the residences of illegal aliens who banks and mortgage lenders have snuggled up to in order to get the hispanic business and the profits from the high interest rates.
Check out these loans and you will find a lot have no SS number or a fake one, or just a tax number, and they have multiple unrelated names to qualify for the predatory loans. If you cross check, you will find those same names or SS numbers show up on multiple mortgages. There are plenty of studies showing that these loans are going to minorities. A map of the areas with highest default rates closely matches the enclaves of illegal aliens.
This game is going to play out real bad and a lot of fingers will be pointing to escape the blame themselves. Nobody will go to jail, but we taxpayers are going to pay horribly for the bailout, bigger than the S&L one of the 80's. And the word won't get out until after amnesty is passed.
I guess you could say "they're doing the foreclosures Americans won't do"
Exotic loans with a rapidly inflating housing industry had to come to a close some day. It's like a real estate ponzai scheme.
The joke is on the people who think this is going to turn into a bloodbath. Besides, there is no news in the article. Everything in it has been known for a week. It's just the Economist piling on.
Been there, done that...
And the big wheel keeps right on turning.
Regards,
GtG
save
Nothing a class-action lawsuit against lending institutions can't fix. There is a monopoly here in L.A. of also owning construction companies. It can work out this way. It is a slavery system. They own the places that a bunch of illegal aliens live in so that they work on the cheap and live like rats. Like a concentration camp.
There are billionaires and everything they own that can be taken down in this way. With discovery.
The economic points you have posted are ones which can not be ignored.
Well stated.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
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