[neodad]

But does it shrink your carbon footprint?

[gonewt]

AAAH!

The sky is falling!

[El Conservador]

I wouldn't lend these people (FICO<500) money to buy a Tootsie roll, yet these mortgage companies did so.

[oldbill]

"As America’s housing market rose, lenders began offering ever-more exotic loan forms to entice new entrants into the housing market: adjustable-rate loans with introductory “teaser” rates; interest only loans; even mortgages in which the minimum monthly payment was less than the accrued interest. Naturally, many of the borrowers attracted to these were people who could not afford a higher monthly payment."

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"

[Gandalf_The_Gray]

The Keating Five (or Keating Five Scandal) refers to a Congressional scandal related to the collapse of most of the Savings and Loan institutions in the United States in the late 1980s.

Been there, done that...
And the big wheel keeps right on turning.

Regards,
GtG

[krunkygirl]

save

[goldstategop]

Liberals can't wait to bring back soup kitchen lines and public tents.

"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

[Cementjungle]

Tip of the iceberg alert.

[jihadjim]

This whole sub-prime meltdown is much to do about nothing. The CNBC report I saw is that there is a $100B in sub-prime loans, lets assume for sake of argument that 25% default (highly unlikely) and result in foreclosure. Thats $25B of the loans. Lets assume backs only recover 50% of home value after foreclosure sale and carrying costs. Result is a $12.5B in losses. A drop in the bucket of a $5 Trillion economy.

These things end up becoming a self-fulfilling prophecy based more on hysteria than fact.