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Re: Treat foreclosure as a crime scene 

By: Decomposed in FFFT | Recommend this post (1)
Fri, 16 Dec 11 7:32 PM | 63 view(s)
Boardmark this board | Food For Further Thought 		Msg. 36968 of 65535
(This msg. is a reply to 36967 by oldCADuser)
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re: "But what about the loan officers who were being paid 3 or 4 times as much to put people into sub-prime loans versus conventional loans?"

What about the suit salesman who tells you that orange leisure suits are the latest fad that he's got one that will make you a hit with the ladies for just $199 - "this week only"? The car salesman who gives you $5,500 for your $15,000 5-year-old Beemer? The gas station near the freeway with its $4.49 regular - when there's another a mile away at $3.69?

What loan officers are are paid is IRRELEVANT and, rightfully, none of your (or my) business. If you told us what you're earning and what you do, believe me - I could find those who would call that criminal as well.

re: "The problem is that nothing that they did was illegal"

No. The problem is that after they've screwed up, most people are only too happy to shift the blame onto others. Politicians, being what they are... lawyers, mostly..., are only too happy to take unethical actions - such as blaming lenders and realtors who really didn't have the bulk of the responsibility - in order to appease voters and journalists and to pass legislation that otherwise wouldn't have a prayer.

Deceiving the sheep. THAT'S the problem.

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The above is a reply to the following message:
Re: Treat foreclosure as a crime scene
By: oldCADuser in FFFT
Fri, 16 Dec 11 6:50 PM 		Msg. 36967 of 65535

But what about the loan officers who were being paid 3 or 4 times as much to put people into sub-prime loans versus conventional loans? Somewhere I read that fully 60% of the people who had taken out sub-prime loans could have qualified for conventional loans but that they were never told this, instead they were steered toward the sub-prime simply because there was more money to be made by the loan officer. At some point the people who created the environment which allowed this to happen should have been held responsible. The problem is that nothing that they did was illegal, which was the real 'crime', that our banking regulations had been allowed to deteriorate to the point where what to any logical person would say was a crime was merely the new 'norm' when it came to writing mortgages. This was one of the situations which drove the writing the of Dodd-Frank Wall Street Reform and Consumer Protection Act. But of course the Right thinks that everything is just fine and that we should have removed even more regulations from Wall Street and the banking industry and let the market run it's course, but only after the tax payer had bailed out the banksters and made sure that their 1% lifestyle was preserved.

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