Presidential ?: White Collar Crime Foreclosure Outsourcing

[pr0gm3r]

It is good business and good trade. And this is called working smart not working hard.

[yogeedogee]

Here is the definition of "coerce":

To force to act or think in a certain way by use of pressure, threats, or intimidation; compel.

This is hardly what happened to the homeowners, who bought homes at ridiculously high prices with out any down payment,iffy credit and questionable income. However, I do agree that there was no oversight on the huge sub-prime loan wave that swept over this country. Interestingly, not even the media had looked into the reasons home prices had skyrocketed.

[m123tzz]

I do agree with this video. The government is to blame for the mortgage crisis. Where was the SEC and the auditors were they half of sleep on the job when they were auditing these lending companies financial books? I guess another ENRON Corp. repeat?

[Aaronteo33]

predatory lending my ass.Lenders were making it possible for more people to become home owners.The white man saw the black man become a homeowner that he wanted to stop that so they devised a scheme to punish lenders who...

[jennyjenny45]

In closing, those payday loans/check cashing places are owned by banks, they were setup to assist all the "undesirables", who they didn't want to give accounts to. Think about it.

[jennyjenny45]

The new "bailout" for foreclosures that GWB has proposed will not help most of the people who are in the process of foreclosure, it is designed to assist Mega financial instituitions such as Citibank, who decided to act like the local ghetto lender and got their asses handed to them. Why should the average taxpayer pay to get a bank out of it's con. We didn't do for the S&L debacle and we shouldn't do it now.

[jennyjenny45]

They basically understood that the government would do what it always does and bail them out when the Sh&* hit the fan.  The problem with these people who are losing/lost their homes is not that they purchased a home with tricky financing but that they did not recognize a Payday Loan scam when they saw it, they were too busy trying out the ole "American Dream", I feel for you but learn to see the glass as "half empty."

[jennyjenny45]

These people got in over their heads, that is just too easy of a response and does not lend the blame where it belongs. I keep hearing about all the people in the money industry and how brilliant they are with their Bachelor's, Master's and PHD's and I can't help but wonder why they couldn't see the issue of mass foreclosure's when they created ARM's and then I realized, they did not want to!

[XionXXXX]

Nowadays you must get a loan to do anything, even get an education, because without an education you won't get a job in Corporate America.

It takes money to make money, sad, but true.

[notu286]

I was hit by predatory lending. Ameriquest mortgage and HSBC helped them. JP Morgan/Chase plays a part in this also.

[wenrock]

Coerced? Give me a break. Lenders had guns and forced people to buy houses they couldn't afford? - that's coerced.

[blomquist9]

Many fools were coerced by loan agents to believe they could afford a loan with low teaser rates. I agree a gun was not involved, but YOU along with millions of others will be paying for this pandemic as the kingpins behind it have made hundreds of millions.

[wenrock]

I agree - we are all going to pay in one way or another.

[KingSportsFan]

Vote Fred Thompson 2008!!!!

[Budvb]

I say Buy Gold and Collapse the American Dollar and Go back the the Gold Silver & Plat as currency system! Thats What I am doing you don't help out bad investments with printing of more money, in time it only makes things alot worse and harder to deal with! Buy Gold if you would like to save your hard earned cash from become useless!

[thetruth073]

Ron Paul is a "Real Republican" for America like Lincoln was! Remember we can all complain and say how bad it is but until you stand up to corporate run governments like ours and take a stand it will not be tolerated, search for "Federal Reserve Fraud" and see who runs and owns America, it is not the people! But with Ron Paul it can be! VOTE RON PAUL 2008

[HaRbiTRONsnaKe]

true true, Banks suck. Take the other day for instance, the bank just eat my leg.. and then charged me for it.

[ou8one2forme]

KUDOS my friend.. Those who uncover the truth EVEN the crazy what if's.. Are looked at as lunitics by the current media's and Gov.

One of the greatest lunatic's of his time was?

Winston Churchill...

VOTE RON PAUL 2008.. It's time for the truth.

Stop the maddness or else go back to sleep, they will tell you when to roll over!

Sept. 22-29 We Will MARCH ON WASHINGTON!

[ou8one2forme]

To myself: LUNATICS, not lunitics.. geez can't I even use spell check? haha

Peace people!

[jojo216]

I wish more citizens were in an uproar on this subject than a student getting tasered!

[pondguy123]

The least I can do is thank you for making this video. It will be a blessed day when the criminals in our White House are incarcerated.

[farang]

What I will do as the new President, is, is..hey, look, another missing white girl in Utah!!!! O.J.!!!

[mspencer24]

Wow, that is the stupidest commentary I have ever seen. 45 seconds cannot possible sum up the state of affairs and how we got there.

[logician007]

Atleast it does make an issue of it in the minds of the people who have never questioned it! What have you done?

[tomintroy]

I've never called anyone an idiot before, but you are an idiot!!!

Every stupid, lying, greedy untrustworthy buyer is to blame for this crisis! What ever happened to buyers making calculated risk decisions? Our schools are so busy teaching their liberal, white bashing agenda that they have failed to teach our children to THINK!

[blomquist9]

Why should the "stupid" buyers be held to a higher standard than the ivy league economic advisors in our government. It is now very clear that capitalism has failed. You can NOT have free markets when the very foundation of markets is fraudulent financing.

[tomintroy]

Want to buy a $300,000 home? Are you sure you've valued it wisely? What's going to happen if you can't sell it? Can you make the payments if your rate goes up?

This credit crunch is a result of fools given credit that thought a greater fool then themselves would pay even more for the over priced real-estate in question.

Insist teachers teach instead of program our children with lies and twisted interpretations of history.

[tyronebiggums3]

Plenty of blame to go around. Visit the Housing Bubble Hall of Shame® to pay tribute to some of the more blatant examples of bubble mania.

[jim9847]

That lender fraud occurred is true without a doubt. However, the lenders are totally at blame. The fools who signed papers for teaser rate loans and over committed themselves are also to blame.

[SparklestheClown]

It is true, the lenders promised the moon, they gave moon pies, and the people wanted the lowest possible rate, no matter what would come in 1,2,3 years. Many times we advised them to not do this, and often, they insisted. But it is sad, and it will take hard work on all of our parts to help save as many as possible from losing their homes. But we do need to take better care of the little people here in America.

[funchamp77]

What about ignorant people that walked from the mortgage broker selling them a 30yr fixed at 6.5% for another broker offering 1.5% minimum rate with 8.99 fully indexed rate shouldn't they be held accountable because they wanted extra money in their pocket to drive a mercedes instead of a toyota. What about the speculators that were trying to buy multiple houses using straw buyers to flip? The Lending industry went through great lengths to try and prevent these types of things from happening

[gfgfgfgfgffg]

Outsourcing is a real problem..Well I'll

WAIT FOR HIM TO LEAVE AND WATCH HIM; Bushey-pooh LEAVE OFFICE WHEN his TIME'S UP. I will be waiting to watch him get ON HIS TEXAS HORSE AND DRINK SCOTCH AT HIS TEXAS MANSION. UNTIL THEN I WILL GET MY HOME IN ORDER, AND GET MY DEGREE.

MY AMERICAN IS WHAT I MAKE IT....!!!!

LOOK AT THE IMMIGRANTS THEY EXCEED ALL OF OUR RESOURCES, TO ME THIS "Vicious" CIRCLE ROTATES ALL THE WAY AROUND

[gfgfgfgfgffg]

Part two...They decided to make a visit to drop of a dam letter to call them, well I did

and told them to call first, it is shear harassment, because this was the 3rd time. The lenders are "Wilshire". The economy where I am at (Michigan) is all F^d up, here. I work in the Auto industry, its screwed.

[gfgfgfgfgffg]

Look, what was the American Dream; quite frankly no longer exist. I am a home owner, I've been behind, so, shit happens. The real issue is these dam awful greedy lenders, I was charged for a door-knock $50.00, because I was 30 days late.

[blomquist9]

True, the candidates will most likely talk around the issue, but we must demand justice. Too many Americans are unwilling to fight the "good fight". Most would rather see Pam Anderson's boobs than a white collar criminal indicted.

We had banking laws in place to protect our economy from this fraud. Regardless if you obtained a loan you could not afford you too will be devastated from this debacle.

[fixerhouseguy]

Excessive compensation? Are you kidding me? Why should the government be involved with how much a company pays it's employees or contractors? The free market will decide if a company pays too much in expenses. If fraud took place, then by all means buyers of these loans should take the necessary action. All this crying to the government is ridiculous. The government is what has caused the mess in the first place. Along with ignorant/stupid people.

[triton609]

Substitute "ignorant dumb asses" in place of "americans" then listen to it again.

[cmnsense]

I agree with 98% of what Paul84674 said. While it is true that lendors gave money wrecklessly are we suggesting that people are that stupid? Did you ask yourself, at any time, what would you do when the practictly "0" you wrangled expires? I'm sorry to seem cold hearted but the majority, not all, is the personal irresponsibility of homeowners. On the other hand I'm old enough to know that life throws curve balls and you find yourself in a shit storm.

[Notfreeloader]

Thanks to CLINTON NAFTA destroying middle class and now his wife just wanna continue her worse husband job

[VetOrDie]

NAFTA is questionable, all things can benefit from revision. But to think that the destruction of the middle class is due to just that is to underestimated the size of the middle class. We need a fix, not partisan backbiting.

[gfgfgfgfgffg]

I like Clinton, but he f^d up when he did that...!

That was the start of the downfall.

[slimpickens63]

this the truth....

[VetOrDie]

The government is going to throw a bone, that's what they do. It's our job to shove it back up their kazoo. For kicks look into how the market was basically deregulated due to (none regulated) Wall Street backing mortgages and not (regulated) banks.

[VetOrDie]

People incriminate themselves all the time when led by the noise. This economy was/is "good" in large part due to the moneys found in refinancing property. Lots of extra spending from the middle class came from that "wind fall".

[VetOrDie]

oh SNap! About time this problem get addressed. And i think i agree with all post so far. Borrowers are responsible and must take ownership of the out come. It seem very important to take a close look at the "advisers" of weakly written loans on the backs of peoples hopes.

[NoMoreBlatherDotCom]

Unfortunately, many haven't yet caught on to how politicians answer questions like this: they'll just launch into a speech, perhaps touting their tax plans or something.

A better question would do some research, looking for related policy statements or actions, and then asking about specific flaws in those statements or actions. If everyone did that, both CNN and the candidates would be in a lot of trouble, and that's what we should be going for.

[Zile77]

Why is the government bailing out white collar loan sharks? The biggest shark of all is the Fed. Remember, sharks eat their own!

[bt071971]

I doubt they will do anything, that would require incriminating themselves.

[Paul84674]

The borrowers are equally responsible. You are supposed to know what you are getting in to. If you flip burgers at McDonalds don't get a loan for a $600,000 house.

[HarvBand]

Yeah! These darn low wage earners are all trying to buy huge homes! It has nothing to do with local gov't raising homeowners taxes, jobs going away, the doubling price of gas and fuel, predatory lending practices, double digit inflation at the grocery store, or the drop in average wages over the past few years.

[gfgfgfgfgffg]

Wow..You got the stats on your theory.?

What an ass response.

Banks, lenders..etc..Are ALSO RESPONSIBLE THEY APPROVED THE LOANS, DO YOU OWN A HOME??

ALONG WITH THE MORTGAGE COMPANIES, AGENTS,"ETC"

PULL THE WHOLE PICTURE OUT DON"T DOWNGRADE IT TO POOR-HOOD.

[HarvBand]

Did you really miss the sarcasm?

My response was to Paul - who thinks McDonalds employees buy $600,000 homes, and that they are the problem. The real problems?... Well - I listed many of them. Take another look, this time understand that you and I are making the same point.

[yogeedogee]

Well, those darn low earners should have grown a brain. If shoes had a price tag of $1,000. would you buy them?

[monkeyman1140]

Depends, what if somebody told you a pair of shoes was $50 but when you got your credit card statement you find they charged you $500.

[keysailor]

tell it like it is