Who's fault is subprime.............

[GermanTrader]

Quote from ElCubano:

if you sold me MSFT @ $50 with no money and the stock goes to $15...... who fault is it when i dont pay you???

You missed it, Cubo. You didn't buy it from me. I just got the commission for showing you how to do it. Keep smiling about losing half.

 

[nutmeg]

dr,

Perfect explanation. That is the way I saw this unfold.

Consolidate the cc.

Then you had more disposable income.

Charge more.

Refi again, the rates were dropping.

 

[mgookin]

Quote from flytiger:

I'm sick and tired of Guy A'Dami, and his other lackies saying that Joe Consumer knew what he was doing, and should be punished.

1. Although some consumers did try to jive the system, they had to have the help of mortgage brokers. They just pinched one down here, and her 'customer' for scamming millions.

2. As a former licensed professional, when all else fails, it is the responsibliity of the license holder to do the right thing. He/she is trained and schooled for a reason. Why else would states make you take continuing ed?

3. Firms like Countrywide, and the brokers that bought and packaged, are also culprits, being licensed 'professionals', albeit Ashley DuPree type professionals, who we all knew were doing what they were doing.

As Crames said, in a video.......'we did this stuff when I was at Goldman. Someone would ask, 'what happens if this blows up?' And someone else would say.....'who cares!!!????? Look what they are paying us to sell it!"

What's next? When I was at a big firm, I had a lawyer call me to buy me lunch. What he wanted was "sales material>" That's what they are looking for now.

You are going to see SEC/DOJ action upon action, followed by Class Action lawyers. That simple.

No you won't see any SEC/ DOJ action regarding this. That's the biggest thing Hank Paulson gets out of the Bailout Bill - a blanket pardon for everone on Wall Street. It expresses that the government condones and forgives the sins which created it. Otherwise there would be no bailout bill - only criminal and civil action to make right as much as could be made right.

 

[Humpy]

First find your scapegoat and then XXXXXXXXXXXXXXXXX
Picking on the Jews is a bit passe but there's that bum Bin Laden hiding out somewhere. Probably his fault - the sod !!

 

[Mecro]

Quote from flytiger:

Got some bad news for you.

I don't lie.

Go re read some of my stuff, and blow your brain out.

I have read your idiotic posts, you have no clue and you do lie nonstop. You've lied about first not trading, then you claim you have positions, then u claim you did not put a position on a certain stock while in a different thread you will claim you made/lost soooo much money on it.

Anyone who pays attention knows you are a paid shill, so STFU already. As for your wonderful insult for me to blow my brains out, you are reported. I called you on your credibility, you are a liar and you never worked on the Street or finance. This is something you slightly implied in previous posts, especially when you first started this nonsense.

Go away, please.

 

[flytiger]

Quote from Mecro:



Go away, please.

I'll dance on your economic grave. Mark it down.

You actually show all the SOP of a paid basher, and I've outed a few. Emotional post, no facts, and accusing me of what your doing.

 

[Mecro]

Quote from GermanTrader:


Blaming the lenders is like me selling you on MSFT at 50 because I showed you how you could buy it at 50 and even set you up with a broker to do it. But YOU pushed the buy button, and YOU alone are responsible for losing half of your savings that you decided to foolishly invest.

This is a naive outlook.

1) The 700 billion IS NOT FOR THE MORTGAGES. It's for the worthless paper

2) Why were banks pushing mortgages so much? Because they were leveraging them to sell crap paper and collect profits/bonuses/commissions. You really think they did not know that they should not be lending this much? Do you really think they would lend like that if the option of selling these worthless derivatives 10 times over the initial mortgage was not available? This is nothing new, the same game, just a new edition. Ties in into the monetary system that rules the world and is ruled by .....

3) Mortgage brokers would do ANYTHING and say ANYTHING to get a consumer to take a mortgage. If you don't think they were lying & convincing people to finance & re-finance against their best judgement, you are wrong. Standard sociopath salesman personality, these people are what they are.

4) The people who took upon them mortgages that they could not and would not pay off should face responsibility and ARE facing responsibility. The bailout does almost nothing for them, and in fact, penalizes them along with the rest via accellerated inflation, on top of other geopolitical issues from this bill.

5) Blaming the consumer is idiotic. They had nothing to do with the banks writing out worthless paper and selling it to pension funds (foreign & domestic). They are getting theirs via foreclosures & dropping RE prices. Meanwhile the banks are crying for taxpayer money.

 

[Mecro]

Quote from flytiger:

I'll dance on your economic grave. Mark it down.

You actually show all the SOP of a paid basher, and I've outed a few. Emotional post, no facts, and accusing me of what your doing.

What? You are delusional & hopeless. I'm emotional yet you are the one who reports everyone who disagrees with your lunacy and then posts threats & insults without being provoked.

I would tell you to go to hell, but I think you're already there.

P.S. My economic grave? LOL, so clueless.

 

[Trader666]

No, your statement is idiotic. Consumers had everything to do with why the banks churned out this crap... they were giving consumers what they wanted. The paper was worthless because too many consumers are deadbeats. Had consumers acted responsibly and only taken on loans they could afford, there wouldn't be a crisis. Period.

There should be two classes... sheeple who need to be protected from themselves and people who are responsible and can be trusted to make their own decisions. You seem to fall into the first category.

Quote from Mecro:

Blaming the consumer is idiotic. They had nothing to do with the banks writing out worthless paper and selling it to pension funds (foreign & domestic).

 

[flytiger]

They used to use that excuse all the time in the brokerage industry, and I would get livid.

Something would blow up, and the Manager would say , 'they should have known better (the customers). "

So, the industry spends hundreds of millions telling people we know what we're doing, then we blow them up, and disavow any responsiblity.

So, Pepe and Rosa go in to get a mortgage. An actual case down here was, an ARM. The broker forged the documents, told the people ' no problem' quoted the low price. Pepe went from a landscaper to an owner of a landscape company, etc. etc. ARM resets, home values fall, foreclosure. There are many unsophisticated people out there who have to buy P&C insurance, homeowners, auto......they depend on licensed pros to guide them. that's why the people are licensed. Get it?

Another was here:
Florida Attorney General files mortgage fraud suit

ORLANDO, Fla. — The Florida Attorney General's Office is suing 10 companies and 15 individuals for their alleged roles in a major mortgage fraud scheme.

According to the lawsuit filed Wednesday in Orlando, the defendants obtained more than $37 million in mortgages for at least 60 home purchases and siphoned off more than $6 million of the proceeds for their own use. Approximately 50 of the houses later went into foreclosure.

Starting in July 2005 and continuing through at least January 2007, three of the ring's leaders allegedly defrauded lenders by recruiting "straw buyers" with good credit and using them to create false applications to buy homes throughout central Florida. The defendants' fraudulent activity was first reported by the St. Petersburg Times last year.

___
The Associated Press.

Can't do this w/o brokers. In this case, they all go to jail, including the 'straw men'. But the money is gone. the brokers wouldn't have done it if they couldn't package the paper for big dough.

again, the main responsibility lies with the license holders.