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Sunday, February 22, 2009
Quote...
“The borrowers that really stretched to buy their house and lied the most about their income receive the largest break in payments,” Laurie Goodman and Roger Ashworth analysts for Amherst Securities on the Obama mortgage bailout plan.
Fact - People who were making less than $10,000 were getting mortgages for $700,000+ homes. You can't tell me that someone with a yearly income of only $10,000 was that good of a liar. Fact - After a mortgage was brokered to one of these hopelessly uncapable individuals, it was flipped to a greedy system of funds managers that then infested the rest of the world economy with these mortgages (that were represented as being either aaa or BBB quality). These funds managers were the true liars that created this world wide economic disaster. Fact - Yes, this was totaly unregulated. Fact - All of the current mortgages being renegotiated in the USA are still being done under this same scenario and are still unregulated. Editorial - When it becomes more profitable (and safer) for drug dealers to re-invest their earnings in sub prime ABCP, it speaks volumes about the state of an economy being driven by a system that supports those types of actions. But hey, it is a "free economy" for those that venture into it and, as always, if you are too stupid to heed the age old warning of "buyer beware", then I guess you deserve what you get.
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Fact - People who were making less than $10,000 were getting mortgages for $700,000+ homes. You can't tell me that someone with a yearly income of only $10,000 was that good of a liar.
Fact - After a mortgage was brokered to one of these hopelessly uncapable individuals, it was flipped to a greedy system of funds managers that then infested the rest of the world economy with these mortgages (that were represented as being either aaa or BBB quality). These funds managers were the true liars that created this world wide economic disaster.
Fact - Yes, this was totaly unregulated.
Fact - All of the current mortgages being renegotiated in the USA are still being done under this same scenario and are still unregulated.
Editorial - When it becomes more profitable (and safer) for drug dealers to re-invest their earnings in sub prime ABCP, it speaks volumes about the state of an economy being driven by a system that supports those types of actions. But hey, it is a "free economy" for those that venture into it and, as always, if you are too stupid to heed the age old warning of "buyer beware", then I guess you deserve what you get.
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