Blaming the homeowners for their own ignorance!

[WillowTree]

Ignorance should be blamed on the ignorant person, unless the person in question is a politician, they are the responsibility of the pricks who funded their campaigns.

-Joe

I'm saying, the Dems want a bailout for the homeowners too.. so far nobody guarantees the taxpayer will be repaid.

 

[Anguille]

...
Sure! Capitalism requires that the buyer beware, but does that mean we allow entrepreneurs to say and do anything to separate people from their money? Of course not!

Like it or not, government tells us what we can and can't buy and sell. Because of that, people expect some degree of protection from the government in the marketplace. especially when the paperwork is so complicated.
....

We have government protections against snake oil salesmen and con artists but apparently we had none against lying and unscrupulous mortgage vendors and stockbrokers who promoted investments in these risky kinds of mortgages.
Some people knew exactly what a risk they were taking and gambled anyway, hoping to refinance or flip thier properties before the bubble burst. Others were taken in by salesmen whose expertise they trusted. To many people it never occurred to them that a bank or mortgage company would lend them money if they didn't think they were going to get it back.

 

[AVG-JOE]

I'm saying, the Dems want a bailout for the homeowners too.. so far nobody guarantees the taxpayer will be repaid.

Personally, I think that the democratic leadership in congress is saying what they think they are supposed to say. Their lobbyist handlers will have them on board or placated by the time to vote.

We're in for 6 to 10 years of inflation. Sucks, doesn't it?

-Joe

 

[Care4all]

You tell me---just what would that enormous amount of money be paying for if it's not helping them pay for their homes ?

Telephone scams-----apples and oranges.

start here....on informing yourself on the fraud...

they HAD TO HAVE a Patsy for their ponzi scheme as with all fraud, there had to be someone innocent to prey on...to FLEECE....

FBI expands subprime mortgage crisis probe

Wednesday, March 19, 2008

An FBI investigation into the subprime mortgage crisis has expanded from 14 to 17 companies suspected of accounting fraud, improperly securing loans and insider trading, and could grow even larger, according to government officials.

While the FBI has acknowledged an ongoing investigation into lending practices involving subprime mortgages, which financial experts have said could take years to complete, neither the bureau nor the Justice Department has commented publicly on any specific targets.

Bear Stearns Cos., Goldman Sachs Group Inc. and Morgan Stanley separately have acknowledged, however, that government investigators were asking for information about their subprime lending practices.

Those acknowledgments were contained in annual reports the companies are required to submit in January to the U.S. Securities and Exchange Commission, although it was not clear whether the disclosures were related to the FBI probe. All three said they were cooperating with the government's requests.

Yesterday, Reuters news agency reported that the FBI investigation was looking at Countrywide Financial Corp., the largest U.S. mortgage lender, although bureau officials declined to comment and Countrywide said it was unaware of any investigation.

According to the firm's most recent SEC filing, a number of investors have brought lawsuits against Countrywide in California and Delaware, saying directors and executives did not disclose complete and accurate information about its mortgage lending practices and financial condition.

"The FBI has been investigating potential fraud in the mortgage/sub-prime lending industry, however, we can not confirm or deny which companies are under investigation," said FBI spokesman Richard Kolko.

FBI officials have said agents are looking into possible fraud during the many stages of mortgage securitization, adding that the investigation involved subprime lenders, housing developers and the many banks that packaged loans as securities.

Included in the investigation, said Neil Power, chief of the FBI's economic crimes unit, was an extensive review of the financial records and other documents generated by firms forced into bankruptcy by the mortgage crisis.

Senior FBI criminal investigators said during a media briefing in Washington in January that "plenty of shenanigans with mortgages and subprime loans" were costing the nation tens of billions of dollars a year.

"Greed is definitely not good for our economy right now," said FBI Assistant Director Ken Kaiser. "It's hurting homeowners. It's hurting honest businesses. And it's hurting investors and markets around the world."

At the time, the FBI confirmed it was "squarely focused on cracking down on the largest of these financial crimes, launching pro-active initiatives and shifting resources as trends emerge, all the while working hand-in-hand with a host of government and private sector partners."

The FBI said it was investigating 14 corporations involved in subprime lending as part of the bureau's Subprime Mortgage Industry Fraud Initiative started last year, and the companies spanned the financial services industry, from mortgage lenders to investment banks that bundle loans into securities sold to investors.

It also said the investigation had focused on insider trading by some executives, adding that it had more than 1,200 cases open, up about 40 percent from last year.

The FBI said the targeted "hot spots" included California, Texas, Arizona, Florida, Ohio, Michigan and Utah; that suspicious-activity reports it reviewed for potential mortgage fraud had grown from 3,000 in fiscal 2003 to 48,000 in fiscal 2007. It also said it was on pace this year to receive more than 60,000 such reports.

Washington Times - FBI expands subprime mortgage crisis probe

FOXNews.com - FBI Investigating Potential Fraud by Fannie Mae, Freddie Mac, Lehman, AIG - Local News | News Articles | National News | US News

FBI Probes 14 Companies Over Home Loans

FBI probes 14 companies in broad subprime mortgage investigations - MarketWatch