newmogul

“Shelly this is where Paulson droppedone of the balls. Seeing that the ARMs were bring the housing market to toxic levels he should have done his job and stopped it. He has that power and din't use it. But the root was allowing loans to people who had no business owning a home. Brokers were preditory and got as many as they could sign up knowing the loans would be sold into a thousand peices and they held no accounability to anyone. They are the big winners in this scam. But the banks made billions while this was going on selling worthless paper. Now these loans can't be modified because they are broken up between thousands of investors. Folclosures the lose very little on a few but modifying they will lose billions” source...