Comments on: How Ed DeMarco finally cried fraud

By: decora

decora — Tue, 01 Nov 2011 02:00:54 +0000

awesome article. just awesome!

By: BowMtnSpirit

BowMtnSpirit — Thu, 27 Oct 2011 19:33:19 +0000

@FirstAdvisor: The “sickening, repulsive human injustice” of today is your twisted, hateful and ignorant stupidity. I find it hard to believe you are even semi-literate, with your disgusting and uninformed racism informing your perceptions of the situation covered in this article.

By: thatsalie

thatsalie — Thu, 27 Oct 2011 16:41:38 +0000

To those thinking this was caused by people who could not afford their mortgage: WRONG! They WERE making their payments until Bernanke raised the rates 4 points and their ARMS ended! Could you afford your mortgage if they raised your rate 4%? You can’t make everyone (banks/people) accountable for the foolish acts of one person, Ben Bernanke!

And yes, I have solutions to the current mess. Drop the required down to 10%. This would allow a lot more people to buy, not the crazy amount of homes that the liar loans allowed, but enough to get things going again. Simple. Next problem please!

By: NNR

NNR — Thu, 27 Oct 2011 14:12:01 +0000

This is all well and good but the reality is that nobody forced any private individual to take out a mortgage on a property that ultimately they couldn’t afford.

At some point the general tax paying(or non tax paying) public has got to start admitting that they borrowed more than they should have and therefore are liable for some of the mess that they are in.

If the quality of loans had not been diluted by such reckless stupidity the MBS market would have not ended up in such a mess and subsequently would not have had the consequences that we have seen.

By: deLafayette

deLafayette — Thu, 27 Oct 2011 12:53:59 +0000

I had read, as long as two years ago, about how executives of both GSEs (government “sponsored” enterprises) had walked away with millions in bonuses. (See here: http://conservativedailynews.com/2011/04 /fannie-and-freddie-fatcats-still-rakin g-in-taxpayer-dollars-35m-in-bonuses/ )

It was common knowledge that Top Management had been in the forefront of promoting SubPrime Loans. That is, its own internal creditworthiness checks were not compromised on the mortgages that they offered.

However, in the securitization process, by which banks buy Collateralized Debt Obligations (of packaged realty credit), Fannie and Freddie were key buyers. Which is why both companies have a mountain of Toxic Waste on their books.

Those responsible should be charged with professional negligence and, if found guilty, fined the amount of their bonuses.

By: Fishrl

Fishrl — Thu, 27 Oct 2011 12:11:26 +0000

This is how deep and how high the corruption goes. If anyone wonders what those hippies on Wall Street are bitching about, this is it.

By: Biscayne

Biscayne — Thu, 27 Oct 2011 11:54:18 +0000

Investigative journalism at its best. I particularly appreciated the absence of partisan politics.Congratulations on a great piece of work.

By: breezinthru

breezinthru — Thu, 27 Oct 2011 09:41:57 +0000

The Federal RICO law was developed for prosecuting organized crime, though it has been employed successfully in situations not imagined when the law was enacted.

It allows for weighty sentences and more importantly allows ALL of the ill-gotten gains to be confiscated by the court.

The Attorney General should be pursuing this. If President Obama is really as much on the side of the middle class as he claims to be, he should fire his wallflower of an Attorney General and replace him with a pit bull who will go after the industry who committed this widespread fraud.

RICO… just the right fit for criminals with MBA’s.

By: TreeMcGee

TreeMcGee — Thu, 27 Oct 2011 06:16:21 +0000

Interesting … easy to be another vitriolic critic. Useful solutions would be far more helpful. Are those skills within your grasp?

By: thatsalie

thatsalie — Thu, 27 Oct 2011 05:30:42 +0000

Main causes were Mister Magoo (aka greenspan) and Ben, I’m no genius, Bernanke. Greenspan, blind as a bat to the problems lowering interest rates to obscene levels would cause, and bernanke’s brilliant idea of raising them back up 4 points in just two years. I tell you, they don’t get any dumber than these two idiots! I’d say that one-two punch pretty much got all the people in one boat then sank it alright! Give people crazy low rates then raise them back up so fast they can’t refi, genius! Now, they want to let all their buddies pick these homes up cheap (actually, free!) and you have the rich getting richer, just like how our trusted politicians like it!