I agree that the government is totally ****** up.
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My point was simply that everyone was greedy, not just the mean ol' banks.Loan officers know what they are doing. In some cases, they even conspired with the buyer to create false applications. This doesn't happen if the bank has to hold on to the note for the duration.
As far as the unqualified buyer that knowingly went along with this, it wasn't such a bad deal. Many lived rent free for several years, and after they faced eviction, Bush passed an exemption where the debt was forgiven so that they did not have to report the forgiveness as income on their tax return.
The banks who managed to offload their mortgages made big bucks, the dead beats lived free for several years, the loan officers made big commissions as accomplices to these scams, the ratings agencies made it all possible by rating piss poor securities AAA in order to secure business from the banks. Only the US tax payer got screwed.
When greed leads to illegality and goes unpunished, the incentives remain in place to resume illegal activity. Practically none of the people involved had to pay a price in terms of prison.My point was simply that everyone was greedy, not just the mean ol' banks.
Maybe it's because welfare recipients tend to be younger than social security recipients, and thus have longer lifespans ahead of them in which to be indebted to the Democratic party for the promise of continuing handouts.How come we are told we're going to run out of social security money, but never out of welfare money?
Maybe it's because welfare recipients tend to be younger than social security recipients, and thus have longer lifespans ahead of them in which to be indebted to the Democratic party for the promise of continuing handouts.
Joe, this is why it's so hard to understand the thinking of a socialist.