The year the mortgage industry died
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Your damn right I'm pointing fingers! At Wall Street and the Goddamn FEDERAL RESERVE BOARD which should be abolished! Greenspan and now Bernanke. Bernanke and his buddy Paulson are bailing out their buddies on Wall St. and screwing the taxpayers. They're bailing out Freddie and Fannie next and the taxpayers will get it up the butt for many, many years. Will they let Wachovia and Washington (WaMu) fail? They handed Bear Sterns to Jamie Diamond on a platter for 1 Billion and we'll eat the other 29
srichards01 3 years ago
They sold products that were designed by Wall Street. So if you want to point fingers, blame Wall Street - Bear Sterns, Merrill Lynch, et al. These lenders "sold" these loans that conformed to the investment bank's guidelines.
rmporcelli 3 years ago
Couldn't happen to a better bunch of LIARS. In fact, the the sub-prime loans they created WERE called "Liars Loans." No documentation, zero down, 3-year Adjustable Rate Mortgages (ARMs), interest only payments, and all other types of SCAM's to earn their brokerage fees. These toxic loans were then packaged into CDO's and SIV's and sold by Wall Street and now Bear Sterns has collapsed. What comes 'round goes 'round!
srichards01 3 years ago