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2016 Postmortem
In reply to the discussion: Video Emerges That Shows Hillary Blaming 2007 Housing Crisis On Homeowners [View all]Human101948
(3,457 posts)7. Who's to Blame for the Mortgage Mess? Banks, Not Homeowners
Who's to Blame for the Mortgage Mess? Banks, Not Homeowners
Yes, every foreclosure involves a homeowner not paying his mortgage. But every foreclosure also involves a bank that made the loan. And usually another bank, or several more, that profited from securitizing the loan. And still another bank, or several, that profited from servicing the loan. Together, those banks have done three things that created the massive glut of foreclosures choking America's legal systems and laying waste to its real estate markets:
-They knowingly made millions of loans doomed for foreclosure as soon as the check was written.
-They deliberately and/or incompetently failed to modify many salvageable mortgages.
-They were so careless with their paperwork and processes that they've undermined the rule of law, clouded the title to untold numbers of properties and complicated the processing of the massive backlog of foreclosures that hurts the economically crucial real estate market.
http://www.dailyfinance.com/2011/01/20/whos-to-blame-for-the-mortgage-mess-banks-not-homeowners/
It was intentional fraud on the part of the mortgage brokers to approve mortgages that they knew were bad from square one. They were the professionals in the deals.
Yes, every foreclosure involves a homeowner not paying his mortgage. But every foreclosure also involves a bank that made the loan. And usually another bank, or several more, that profited from securitizing the loan. And still another bank, or several, that profited from servicing the loan. Together, those banks have done three things that created the massive glut of foreclosures choking America's legal systems and laying waste to its real estate markets:
-They knowingly made millions of loans doomed for foreclosure as soon as the check was written.
-They deliberately and/or incompetently failed to modify many salvageable mortgages.
-They were so careless with their paperwork and processes that they've undermined the rule of law, clouded the title to untold numbers of properties and complicated the processing of the massive backlog of foreclosures that hurts the economically crucial real estate market.
http://www.dailyfinance.com/2011/01/20/whos-to-blame-for-the-mortgage-mess-banks-not-homeowners/
It was intentional fraud on the part of the mortgage brokers to approve mortgages that they knew were bad from square one. They were the professionals in the deals.
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Video Emerges That Shows Hillary Blaming 2007 Housing Crisis On Homeowners [View all]
eridani
Jan 2016
OP
Wow. Disgusting. She is still defending Bill's repeal of Glass-Steagall and refusing to reinstate it
Green Forest
Jan 2016
#1
Easy. The PTB of the Democratic Party backed Obama in 2008 and are backing her now.
merrily
Jan 2016
#29
The illegal robot signings were a technicality. If I'm living in a house, I expect to pay someone.
Hoyt
Jan 2016
#34
The robo signings were still a technicality that was used to forestall foreclosure -- which I'm fine
Hoyt
Jan 2016
#79
Baloney. Banks said no to loans throughout all history, until crap mortgage derivatives.
merrily
Jan 2016
#33
Property taxes, income tax on workers and builders, sales tax on new furnishing and stuff bought by
Hoyt
Jan 2016
#46
Indeed, the mortgage tax deduction is government action to promote home sales.
freedom fighter jh
Jan 2016
#61
I never trust any salesperson. And yes, the mortgage folks were only interested in closing a loan,
Hoyt
Jan 2016
#66
Your attempts to absolve Wall Street of blame for the crash is inexcusable. It is established fact they
ChisolmTrailDem
Jan 2016
#70
For the most part, the loans were bad only if prices dropped. Otherwise if one got in trouble, they
Hoyt
Jan 2016
#82
Your posts are way off base. Since forever, banks were the ones who decided whether a borrower
merrily
Jan 2016
#31
IF every loan had been paid in full it couldn't have covered all the fraudulent derivatives
Vincardog
Jan 2016
#81
Hillary IS TOAST on The Wall Street Stuff! THIS Just Adds More Fuel To The Fire
CorporatistNation
Jan 2016
#69
That's why I'm voting for Hillary. She told her audience of financiers to fix the problem. Then, she
Hoppy
Jan 2016
#14
She was the Senator of Wall Street. Ironically, this is one of her claims I actually do believe.
DisgustipatedinCA
Jan 2016
#16
As the person who responded to you shows, you are not allowed to be levelheaded about this.
stevenleser
Jan 2016
#26
Wrong. See Reply 31. Hillary is saying the same thing right wingers on CNBC were saying in 2008.
merrily
Jan 2016
#36
Did you even read what you posted. Not ALL Wall streets fault. That means it is partially Wall
stevenleser
Jan 2016
#47
I guess as a Sanders supporter, you are eager to distort anything his opponents say. nt
stevenleser
Jan 2016
#51
No, I'm not pretending she doesnt think homeowners deserve part of the blame. I'm reality based.
stevenleser
Jan 2016
#56
She's blinded by the Wall Street cash she receives personally and for her campaign.
JRLeft
Jan 2016
#57
That's an interesting attempt to move the goalposts from the field to the ocean but its meaningless.
stevenleser
Jan 2016
#64
You can see you are not going to get anywhere even though you are clearly right. nt
stevenleser
Jan 2016
#48
OMG, her HUSBAND is one of those to blame for the housing crisis. The only good thing about her
RiverLover
Jan 2016
#25
Yep, and not only because of repeal of Glass Steagall, either, but she blamed it on Bernie!!
merrily
Jan 2016
#38
Oh, RiverLover, please let it go. It creates cortisol in your body and cortisol is evil,
merrily
Jan 2016
#62
"Now these economic problems are certainly not all Wall Street’s fault – not by a long shot."
Bread and Circus
Jan 2016
#54