The Life of a Bad Loan
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Uploaded by HuffPostFund on Dec 21, 2009
Eliseo Guardado came to the United States in search of his own American Dream. But after he bought his home in a Maryland suburb in 2006, his dream quickly became a nightmare. Long Beach Mortgage, a subsidiary of Washington Mutual, put him in a loan that he could not afford. The story of this one bad loan helps tell a bigger tale- how fraud in the loan process was at the center of the largest bank failure in American history.
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Yea .. we don't need Federal regulations as we can see the Banks & Morgage companies police themselves .. (laughs).
MichaelPAUSA 2 months ago
2:39 a 320,000 dollar FIXER-UPPER? We, as a country, are well and truly fucked.
1978atcarroll 7 months ago
@imah8ter07 No, they didn't force him into the loan. Their dealings with him were fraudulent, but not physically forceful.
RyanTheIncredulous 1 year ago
@RyanTheIncredulous So, they forced him in to this loan?
imah8ter07 1 year ago
@imah8ter07 The banks knowingly and PURPOSEFULLY gave loans to people they specifically knew could not pay off the debt to create their debt packages. Is that clear for you now?
RyanTheIncredulous 1 year ago 2
speak english, and GTFO of the USA
WTF were there loaning him money anyways?
or any non US citizens?
beast36001 1 year ago
@imah8ter07 but it is the job of the bank to verify income make sure the tax returns are legit so dont give me that "its all his fault"
ohcysp21178 1 year ago
His bad loan!! He signed the paper!! He bought more then he could afford! It is not the banks job to babysit you!
imah8ter07 1 year ago
@gbhobson The problem is, everyone needs to be an expert in economics to invest or have a law degree to understand a contract these days. Desperate or uninformed people can and will be exploited if the laws allow.
theslimeylimey 1 year ago
While idiots committed fraud to get as much debt as they could I saved hard. Now my savings are being stolen to pay the people that committed fraud via the low interest rates. Also my take home salary is being taxed more. What kind of lesson does this send out?
sleuthsloth 1 year ago