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User Info	Mortgage fraud: It's so bad feds just track cases over ; entered at 2007-12-02 14:01:46
Drchaos Posts: 1646 Registered: 2007-09-03 sandy eggo, kallyfornyia	All the blame goes to US regulators, US Admin & the FED Let's put the blame where it really belongs: hyper-right-wing anti-regulation about everything. Greenspan himself was warned way back in 2000 or 2001 (this is now documented) about potential problems from mortgages. He didn't want to do anything because of an anti-regulatory attitude (he is an Ayn Rand worshipper---I think most get over that by age 22 or so). It was all "financial innovation". That's right---deregulation and a lack of desire to enforce existing regulations (i.e. put an opponent of regulation as the regulator, classic move) certainly did result in plenty of financial innovation. We have the most diverse liquid and deep market in scam, fraud, lies, thieving, flim flam and imprudent spending. Yay. We certainly did put more warm bodies in homes. Is that a good thing? Consider in times past. Like when people needed a downpayment in $$$, and you could get a loan only for SUBSTANTIALLY LESS than the property's actual value. (Like I did, foolish poindexter that I am) Such properties are intrinsically scam-repelling. Scamsters don't want to give up cash, and they don't want to make high payments. Scamsters didn't have access to multi hundred thousand dollar money pots. And guess what: maybe 30 years ago you could buy a reasonable house in a reasonable place on just one man's typical income, and if the wife worked, you had some extra. Last modified: 2007-12-02 14:06:11 by drchaos 2007-12-02 14:01:46