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Subprime lending bust explained

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“I could go to a mortgage lender in my street-bum fashion clothes, declare that I had income of $10 million a year and the wealth of a billionaire. Then the hapless mortgage lender would say: “Of course Sir; for sure. Here is your pre-approved NINJA mortgage to buy a McMansion built by Mr. Toll”.

1 Comment

  1. Nancy Willing
    March 17, 2007,

    concensus is that we do not back bailouts for the lenders.
    find housing for the homeless but no after-the-fast protections.

    Re-regulate the frickin lender laws, keep politics out of the market place and reduce corporate dominance in general.

    We lose our democracy daily at the hands of the special interest polluting the system through their loopholes…. yucky.

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