Re: Home Foreclosures: Crisis Is Only Getting Deeper, conservatives echo Custer, indians, what indians?

<milt.shook@[EMAIL PROTECTED]
> wrote in message 
news:92ddb59c-bd91-4045-913b-ea501da31626@[EMAIL PROTECTED]
> 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.
>
Banks should have controlled the brokers, as they did in the past. The 
reason for their neglect was securitization, that is, they did not have to

keep those mortgages. There were two major factors that caused the bubble:

mortgage securitization and the Fed's easy money. Of course, the third one

was people's stupidity, but it has always been there.:-)
>
> 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.
>
Are they looking to sue mortgage owners? LOL! Those are the people who
lost 
money.
>
> This goes a lot deeper than a bunch of foreclosures. It's a criminal
> enterprise gone wild.
>
As much as any other bubble. Tulips, Gold rush, Tech stocks, you name it. 
When there is a law that makes bubbles illegal, it will be a criminal 
enterprise.
e.