Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives

On May 14, 8:30 pm, "BuffettHa...@[EMAIL PROTECTED]
" <BuffettHa...@[EMAIL PROTECTED]
>
wrote:
> On May 14, 8:02 pm, "Patriot" <liber...@[EMAIL PROTECTED]
> wrote:
>
> > Dumb ****ing idiots shouldn't have bought a home that they couldn't
afford.
>
> > Now that's common sense!
>
> Everyone was doing it.  The credit crunch and real estate collapse
> still
> has not hit canada by any measure. . . and the big sub prime lenders
> here are the german and swiss banks, lol.

Over here, there was a lot of corruption. There is nothing inherently
wrong with subprime loans, or even interest-only loans. The problem
was, we allowed pretty much anyone to be a broker, and a lot of crooks
took applications from people, faked their qualifications to submit to
the bank, then, after the bank approved the underwriting of the
mortgage and supplied the cash, the broker sold the paper, then
someone else sold the paper, etc.

One of the problems lawyers are having right now is, there is a lot of
obvious fraud out there, but they can't find someone to sue, because
it's almost impossible to figure out who owns what mortgage.

This goes a lot deeper than a bunch of foreclosures. It's a criminal
enterprise gone wild.