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The bailout money, not the originally requested 700 billion, will purchase mortgage backed securities. Mortgage backed securities are kind of like high paying bonds that are secured using realestate. The person who took out the mortgage makes payments. The person who holds the mortgage receives those payments until the mortgage is paid off. If the mortgage payer stops paying two things can happen: The mortgage is renegotiated. new-jersey The mortgage is foreclosed on. The preferred situation is to renegotiate the mortgage and keep the pyaer making payments. The US government will probably make money and at the least, will not lose money on the bail out. Who made money on the Mortgages? The brokers who wrote them made the most money. The big corporations who underwrote or purchased the mortgages LOST money. Scummy mortgage brokers wrote bad loans to low income people and sold them to underwriters and investors, people with IRA's and 401K plans. Most of these mortgage brokers were Minority Owned businesses in low income areas who sold ARM mortgages with ridiculous payment terms. The kind of people Acorn works with. Now morons are blaming the people at the ends, the borrower and the investor and are not blaming the mortgage brokers who, along with groups like Acorn, caused the problem.
Nope chi-guy, it is the mortgage brokers fault, the upper income scum bag taking advantage of poor people and the very good record of mortgage backed securities as investments. Not the poor guy taking out the mortgage and not the "big" corporation buying a "vetted" mortgage as an investment. The scum bag mortgage broker who wrote the crappy mortgage. The scum bag who might get away free unless you demand their head on a platter.
Dig deeper Lu. Most of the bad mortgages were written in lower income housing markets. Follow the money and you will find about 60% of the mortgages were written by minority owned businesses. That sucks because it gives the minorities, who were generally the people who were scammed the worst, a bad name. These are predators who, much like drug dealers, are preying on their own.
True Bin laden, but, if the broker is a "good used car salesman" the underwriter is looking at how much they can make selling the mortgage. And believe me, those mortgages were sold all over the world. Thanks Bob O, this is one of the few posts of yours I have appreciated. Now you will probably edit it :-)
Lehman did buy a scum bag mortgage broker, but, that represented a small percentage of the problem and the problem was still with the broker, not the borrower or the investor. Nice to know you think people who have IRA's, pension plans or 401K plans are greedy. Billions of people who have money invested in everything from bank accounts to pension plans lost money on this. All those greedy people working for a living.
I'm right there with you - except your mysterious claims that most of the brokers were minority owned businesses. that is not an allegation I've heard before. The lending was predatory and did concentrate on low income recipients (typically minorities), but I'm not willing to agree that the brokers were also minorities without some more information.
They must get it from the crook. The crook has to (mainly) signal over a warranty, adding giving the bondsman the correct to grab his estate. It's relatively no one-of-a-kind than some other mortgage, very nearly, in that experience. This is why bail bondsmen can pay bounty hunters to monitor down their unhealthy men, to prevent paying the bond.
Lehman Bros first funded and then bought one of those sweatshop broker companies and left it operating as an illegal setup. They were sued for fraud and lost. Meanwhile, Fuld and his buds made millions each year. The only way the scum bag brokers can operate is if the money is provided by greedy investment banks.
Not many. Mortgage brokers can be scum. I just refinanced last Dec. But they are at the mercy of the underwriters. Underwriters have to sign off on the loans.
Sure. Its the poor people fault. CEOs who reaped a $484 Million income and then filed bankruptcy are innocent. "Chief Executive Officer Richard Fuld's compensation -- $484.8 million since 2000." the purchase falls through, Bain and Hellman will get a termination fee of $70 million, or 4 percent of the net price, plus a reimbursement of $35 million under the proposal." — Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday." CEOs such as the one who ran Countrywide purchased the mortgages from the brokers. Had they stopped buying them, brokers would stop writing them. That CEO received 80 Million on his way out of the door while Countrywide was sold to B of A. Good point though
I agree with you on almost all of this. One thing, though. I read the bailout bill, and the profit and proceeds of the assets the government takes over are, (at least, they are supposed to) meant to pay off the federal defecit. But I agree with you especially about the ACORN thing. :))
I think the easy exclamation to all of this is when ever George W Bush tells us to do something, We do the exact opposite of King George's orders.
Somehow I knew that you would enlighten me.
Very well said. Exactly.