> Tell Ginny Mae , or Freddie Mac what happens when you open the lines to all who apply .. How’s that housing and mortgage bubble working out for ya ?
Fraud to such an extent that it led to thousands of banks being taken ino receivership by the FDIC; makes the S & L scandal pale in comparion. Anybody that could make a commission was in on the action from the title companies to the loan officers to the presidents of the bank. I know one transaction that netted one of the senior officers of a bank, $200K on a multimillion dollar deal. They knew the type people they were lending to would default which didn’t bother them one bit because they knew they could foreclose on it and the resell it and make the commissions all over again.