Quote:
Originally Posted by VRM
CdC,
If Barney Frank had been the only one involved then none of this would have happened.
I used lenders in a general term...perhaps I should not have. I completely agree with the rest of what you said (that's a first, huh?). Especially the part about jail!
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True, Barney was just more vocal over time - even the former head gay at Countywide went on record stating that there is no value in forcing people to put money down, like 20%, on a house - that the risk is the same with no money down. What BS - he just wanted to make more loans and sell them to unsuspecting buyers in the secondary market. White collar crime needs another look with people having heart attacks, dying and generally depressed when they loose their house. It just seems criminal when "lenders" don't do the right thing and allow people to buy on the come, e.g. the house they are buying will continue to go up, therefore they can afford a huge rate adjustment in the future. I'd sure like to see laws fully enforced and more laws to protect the public, sometimes from themselves.
Basically, people are stupid.