SUB-PRIME caused by Fraudulent Builder Loans

[ChipsShot]

Add to what you know. Search these titles:

Jimmy Carter, Bill Clinton Share Blame for Subprime Mortgage Recession 9/22/08

Clinton administration's "BANK AFFIRMATIVE ACTION"

Confiscation by consent decree - Department of Justice extorts money from financial institutions

NYT - Fannie Mae Eases Credit To Aid Mortgage Lending 9/30/99

Minorities’ Home Ownership Booms Under Clinton but Still Lags Whites’

Timeline of Events Fannie/Freddie

The Real Scandal How Feds Invited The Mortgage Mess

[PonziMadoff]

Builders?

C'mon?

Joe Public refinanced and wasted the money. The mortgage brokers and bankers and Wall St were all accomplices.

People weren't prudent. All this has come back to bite em on the bum!

[ech77066]

You try to point the blame at one group. If you really believe what you are spewing, you are totally clueless

AND TRYING TO MISDIRECT PEOPLE. This was all caused by greed and deception by Mortgage

Whores, Bankers, Builders, Buyers, AIG, Fannie and Freddie and ESPECIALLY Wall Street. To get the

TRUTH, go to nprDOTorg/ombudsman/2008/05/th­e_giant_pool_of_moneyDOThtml

[mexicanjester]

Really interesting stuff. I hadn't thought much beyond what the media said about this whole mess, but this sounds much more plausible to me.

[specifictender]

Elliot Spitzer was going after the Bush admin for not allowing laws to be enforced that would have prevented this crisis. Low and behold he was taken down.

[ZELPHOR]

I heard that Spitzer was caught because of the Patriot Act.I thought that was for intel on terrorists not some guy buying a piece of ass. also it was said that more than 3 million regular american citizens were spied on under the guise of being involved in Questionable groups one such group was a veterans org helping combat vets from Iraq

[09ernie1957]

I'm not suprised....

[specifictender]

Your explanation is part of the story. The big story here is investment bankers pushing predatory loans. They(Countrywide) knew that when the interest rate went up on these mortgages, the people would not be able to pay. The Bush administration did not enforce existing laws that would have prevented some of these loans from ever being made.

[davincij15]

Here's the thing. The Federal Reserve is a fraud. It got passed by 3 congressman's and a prez. Look it up. So any smart person would look at that and say hey, if they can do it why can't I.

The federal reserve system creates this monster as credit must be expanded exponentially, as money only exists when a loan is given. However the money to cover the interest payments are not created. Thus some where some one less must take out a loan.

The builders will not get in trouble.

[nikolasvice]

This is interesting. I was wondering how this situation got to the point it did...

I like the different viewpoint...

[09ernie1957]

I agree...

[omerta25]

this is so true! they were doing that, developers! I knew so many people who were getting rich off building huge condo buildings that no one ever lived in and didnt really want. I support your position the developers need to be controlled!

[omerta25]

I think you have a point. "development" as they call it is going crazy. I know these people, developers can be real grimey, real grimey.

[todayishoy]

Hi Grant,

Fantastic video. I wasnt agreeing at first with your premise but as I listened more I totally got your point! I've been in RE lending and servicing-related businesses for 25 years and you surely have a correct target.

Now the question is, how do we handle it?

[GrantCardone]

get this video to major newspapers and then get me to go and testify to congress...

gc

[grannyBangproduction]

they should only have people with a mba as a law, and people have to afford it by law. In the end we need to have more rules and regulation.