About Housing Crisis
Read the Article at HuffingtonPost
Mr Mitchell, I saw this story and it really made me heartsick. I'm not going to be flippant and say "Oh well, there is sure to be more .. tisk,tisk,tisk". I am going to say that I am extremely angry about this whole mortgage mess and the way it is being spun as the fault of the buyer for not knowing how much they could afford. That is the most dishonest rhetoric out there and I see the Business Channel pundits push this and it really disgusts me.
I don't know the particulars of Mrs. Balderrama's plight but I can say this ... the mortgage games that have been played in the US for the last decade and a half have been so crooked as to qualify as a Bunko Scam. Even before the subprime mess I heard stories of real estate agents, in cahoots with mortgage brokers, moving large sums of money into the potential buyer's bank accounts in order for them to qualify for the loan ... the money removed after the loan was approved. In so far as the sub prime and liar loan mess ... lets' be straight here, the goal was not to get people into homes, the goal was to get mortgages that could be securitized and then moved into the credit market. That was the purpose of the whole phenomena that led to the current mortgage collapse.
And in order to get these CMOs to market, the realtors, appraisers, mortgage brokers, banks, and Federal Government used the dreams of home ownership as a weapon against those who crave the American Dream.
So, Mrs Balderrama wasn't a victim of poor money management ... she was the victim of a coordinated crime against millions of American consumers.
Keep up the good work.
ReplyDelete