World Of Trouble

Three years before the housing market crash, Paul Bishop says he warned his superiors at World Savings that many of the mortgages they were granting were misleading and predatory.

Category:

News & Politics

Tags:

• CBS
• News
• 60
• Minutes
• Scott
• Pelley
• World
• Savings
• Paul
• Bishop
• Mortgages
• Predatory
• Lending
• Housing
• Market

[whiskergreen]

What the Hell is going on here??? No kidding.WHY ARENT THESE BASTARDS GOING TO JAIL?????All of the Banks, housing,car industry etc all have one thing in common,duplicitous loan practices.AND BAIL OUTS!! No kidding they took down the 4th biggest bank in the country...and its just starting...WAKE UP PEOPLE.Why isnt anyone being held accountable?WHERE IS HERB SANDLER??Or the higher ups that worked for World??Management??? No one knew??It looks like Paul Bishop knew...and lost his job because of it.

[WordAndReason]

The problem with all of the financial CEOs can be summed up in one word: hypocrisy.

When everything is going well and money is being made, they all claim to believe in the virtue of 'free markets.'

When the bubble bursts and the money stops flowing all of them suddenly think welfare handouts from tax payer money is a good idea.

I wish we did have free markets. Free to fail as well as free to succeed.

As if this isn't bad enough just wait until our costs in Afghanistan begin to rise...

[sha370z]

2005 was one of the nasty year 

[hojoleon]

oh wow. what a story

[whiskergreen]

"But there was no problem"

The big problem is most Americans would rather let congress et all spend millions to investigate mysterious stains on blue dresses...but aren't DEMANDING an investigation into every banking institutions culpability in bringing down the world economy.When will the indightments begin?WHEN?WHY are we not DEMANDING that these people be held accountable?Oh because "they" have frightened us into non-reaction...again.WAKE UP! You should be frightened...by NOTHING BEING DONE.

[VerbotenDingleberry]

ROFLMAO.

Serf...

[nlightn1]

did you listen to the entire content of this presentation ? it appears not !!!

these lending institutions were forced to do nothing that they did not choose to do ,...they gave the loans because it created profit$. the bank institution loan officers even changed individual loan application information to qualify the loan for funding. white collar criminals.

THE ONLY IDIOT HERE IS YOU,...YOU KNOW NOTHING OF WHAT YOU SPEAK. EDUCATE YOUR SELF BEFORE YOU SPEAK,...YOU ONLY LOOK STUPID !!!!

[nlightn1]

did you listen at all to the commentary to how these lending institutions operated ? it appears not ! the only idiotic individual is you. these institutions were not forced to do anything that did not create profits for them. in fact, they even changed loan applications to fit the lending criteria for the loan. and why ? they weren't going to hold the mortgage so it was pure profit and no responsibiity for the lending institution.

GET A CLUE IDIOT,...YOU KNOW NOTHING OF WHAT YOU SPEAK .

[chick5581]

I say it the same way D: haha your awesome.. im sarcastic with people like that too... im an aussie in america.. so every conversation is pretty much like that.. the bloody shitters~