Some of the worst of these offenders were not banks but mortgage
brokerage companies.
One such company is now owned by BA called Country Wide. There were
a few others, but they specialized in mortgages with tricks, teaser
rates, ARM's etc.
They had their helpers in some local bankers etc. We disdain
national banks, but they seem to be better regulated.
Canada did not have this problem and they operate almost exclusively
with National Banks. They also do their mortgages a little differently.
One word seemed to be operable in all this GREED.
Like the few folks (And there is a long list) who have gotten ripped
off by Financial Con Artists. When you talk to them they will tell
you how nice the guys were etc. etc. But what they are not telling
you is the reason they invested with these folks is that they
promised higher than normal return rates (Much higher than the
current markets) and because they wanted those return rates they
invested. Now you can condemn these rip off artists for what they
were, and the regulators for not seeing or for looking the other way
when this was going on. But greed gets you in the end each and every time.
Stewart
At 12:18 PM 1/31/2009, you wrote:
Once again you cherry pick examples and omit the critical part of the big
picture.
The major part of the housing crisis was triggered by banks that were too
quick to foreclose. If they had worked out the mortgages, most of the
houses would still be occupied and money would be flowing to the banks.
Instead they foreclosed and now have bupkis.
The rest of us are hurt because there are too many empty houses on the
market.
The situation will self-correct in phase II. The now empty houses are now
being raided by scavengers. First they pull the appliances. Then they
come back for building parts. Third pass rips out the electric wiring for
the copper and any metal plumbing. The resulting house is unsellable and
uneconomic to repair.
Local communities need to get tough on these banks. They need to send out
building inspectors and levy hevy fines on banks that fail to maintain
the property they own. For many communities this would be a money maker.
A fine capitalistic incentive to enforce the laws.
Bankers are idiots. They should be compelled to give back the fat bonuses
they paid themselves.
Rev. Stewart A. Marshall
mailto:[email protected]
Prince of Peace www.princeofpeaceozark.org
Ozark, AL SL 82
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