[rightwingextremist1776]

ACORN....

[DeaconRed]

. . . . . . . . . AND
Stock Options! ! ! !

[detective]

The MSM has consistently lied about the extent of mortgage fraud and covered it up. This began in the 1990’s and was due to pressure and encouragement from Fannie Mae, HUD and other federal agencies as well as the threat of lawsuits.

Obama worked on a lawsuit against Citibank forcing them to lower their credit standards for mortgages.

Now after having lied to the American people for over a decade while the problem got out of control, 60 Minutes is finally reporting on one small part of the problem as if it were news. They are conveniently ignoring the the active participants like Barney Frank and other Democrats who caused the problem.

The MSM are liars, it is as simple as that.

[glorgau]

...signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed and then the — you know, the creation thrown — thrown in the recycle bin,"

How appropriate that they used the recycle bins.

[jagusafr]

I wonder if this is the lady who called Rush yesterday, concerned about her identity for fear of lawsuits. She said she was going to be testifying in 2 or 3 cases as a fact witness. She was very impressive (Rush held her over a break, that says a lot!)

[DJ Frisat]

I think of this as a preemptive, cover-the-gov’t-butt strike against a woman who called Limbaugh’s show yesterday, with a comprehensive, easy-to-follow explanation of the housing collapse. I rather expected that Rush would’ve posted this call prominently on his website, but don’t know if he has.

The woman spoke of her experience in the loan industry, where credit reporting agencies, acting under pressure from - guess who? - the government, were doing rapid credit rating resets to qualify prospective home buyers who would not otherwise be eligible.

These temporary boosts to credit scores would only last long enough for someone to qualify for a mortgage. At the next reporting cycle, the rating would revert to its former, non-qualifying level. Everybody knew that these loans would become toxic, but what the hell...

While not the sole reason for the collapse, this woman indicated that Fannie & Freddie were at the heart of the whole thing.

[immadashell]

One of the few big positives — Chris Dodd resigned rather than face the music.

[E. Pluribus Unum]

"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."

That would be because the Fed made it clear that denying a loan to one of Eric Holder's people for any reason was racist.

Government Pamphlet Taught Banks How To Finance A $70,000 Home With A $500 Downpayment

BIBLIOGRAPHY: Effective Strategies for Community Development Finance

LINK TO PDF: Effective Strategies for Community Development Finance

Once you abandon rational underwriting policies for one set of borrowers, you abandon them for all.

[txrefugee]

This is the same liberal SeeBS that had a 60 Minutes program in the ‘90s about the evil banks “redlining” certain areas so that The Poor could not buy homes.

Naturally, the Cliintoons hopped right on to that bandwagon and passed legislation that enabled The Poor to buy homes with no down payment and no employment.

“60 Minutes” should also share in the blame for the housing crash because they helped get the ball rolling.

[longtermmemmory]

This is why orignal wet ink documents are required in some states and MUST be required in the rest.

cut and paste is criminal.

Where are the AGs? Florida’s is a HUGE dissapointment to the point of complicity.