Road to Ruin: Burned by Brokers

Economists, politicians, and pundits refer to "toxic assets" as if they are some unspeakable stew bubbling in a barrel behind an old warehouse. But "toxic assets" are actually mortgages and, by extension, houses and the people who live in them. Sandra Berrios is one of millions facing the prospect of ballooning loan payments forcing her and her family from their home. The bank that lent her the money is getting hundreds of millions in TARP money, but the federal dollars flowing to the bank show no sign of trickling down to Sandra's level.

Category:

News & Politics

Tags:

• bailout
• Economic crisis
• Flagstar Bank
• Foreclosure
• foreclosure crisis
• James Scruggs
• Prince William County
• Sandra Berrios
• tarp
• Toxic Assets

[mcanical]

Push these people into financial crisis and force their children to join the armed services to help support their family.

Pretty messed up society we have here.

[phocasone]

Here in S. California they were selling converted apartments for $400,000. Brokers made the loans and appraisers were confirming value and banks were buying the notes. Fraud all around. Don't blame the buyers. Even Alice in Wonderland would not have believed in this transaction. Buyers trusted the professionals. These crap apartments /condos are now going for less than $100,000 to investors. Multiple bids. Even they might be paying too much. Oh the horror. Thank god for investors.

[hannahunney]

she had a letter saying she would get thirty year fixed. They showed the letter. Why is she a fool?

SHE was ROBBED, and TRICKED (ie. fraud aka illegal)

That "fool woman" did nothing wrong.

What's your problem? Direct your bile where it belongs, you loser.

Would you not want the law to protect you if you were robbed?

[marcomariaz26]

@puppisa amen.

[jerthemessiah]

You mean people are going to move out of houses they can't afford and into apartments that they can afford?

[RikaKazak]

I'm sorry, but if you can't read and understand a loan doc...then maybe you aren't cut out for home ownership.

[unameitltd]

no loan broker who violated their fudicary duty is yet in jail. They were crooks.

However, the damm fools like this woman are equally to blame for signing

loan documents they did not read.

She is responsible for the mess her greed enabled her to fall into.

I kept renting as prices fell and didnt get sucked into a teaser mortgage properties.

Why should I ever have to pay a penny for this womans bad decision?

[ixamxmsright]

Government has sold us out. BOTH parties are willing partners in our demise. The INTERNATIONAL BANKERS want to rule our country and the world. The NWO is their ultimate goal.

[ixamxmsright]

The REINVESTMENT ACT began by CARTER ,Adopted by CLINTON and pushed forward by BARNEY FRANK and CHRIS DODD.Deregulation was a result of Maxine Waters and gang not allowing Fanny Mae to be regulated .Bush administration tried to curtail them(it's ALL on tape you can see it). the Democrats stopped all review. The repeal of the Glass Steagall Act (which caused all these problems with DERIVATIVE TRADING) was done by the CLINTON administration! Hate to confuse you emotional liberals with the FACTS.

[shakaama]

"pay as you go" they let that legislation sunset and didn't renew it. Now you don't have to balance a budget and you can have all the inflation you want. Huge deficit, don't matter.

Turn a blind eye to companies raping america. this is what your government did to you.

There are other political parties just waiting to do the right thing. Vote them in office, because 100 years of a 2 party system is over and done with.

[puppisa]

Thanks to the 8 year reign of destruction I call the Bush adm. George W managed to spend all our money (Federal savings) that Clinton restored, start 2 wars, continue Reagon's voodoo economics (borrow on our Social Security), and allow another global ring (besides oil and pharmaceuticals) that controls wealth, the finance co.'s and banks to f*ck us! If you don't make over $250,000 and you hate Obama, then you need to watch a documentary called "Maxed Out". Wake up, there is no govt, we are!