One of the things I have been continuing to say as the mortgage crisis deepens is what will be found out about what the real predators do and who the bad lenders really are. Everyone has a stake in the game that is in the game but are the biggest predators of all the commercial banks who have been the people who you really should be able to trust? The article below is just one article of many I read on a daily basis but this one is a little different. Its author details what he believes to be the truth about one certain big bank and their tactics and the profits and the opportunity for profits gained by their predatory practices. If one big bank is doing it can the others be far behind them? What do you think????
http://www.americanchronicle.com/articles/50345
The thing I noticed not in the article itself but outside the article were the ads for mortgage companies. The article slams and accuses mortgage lenders and still mortgage lenders advertise in the midst of it. One company listed at the bottom of the article could be seen as one of the largest predatory sub prime lenders who has been a leader in the types of mortgages discussed in the article. The irony is that even when people are subject to all the scams and tactics of the predatory lenders, lenders still can advertise anything they want to anyone they want with little or no consequences. Buyer beware is still the name of the game in the mortgage world. Make no mistake about it loss of business ethics and greed are here to stay.
More to come
Lonny
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I'm afraid I don't buy all this guy is selling other than the "call me a liberal if you will". I noticed he has several PHDs and is an "espert" (self styled) in many fields. His ascertation that the Federal Govt. bails out the lender in the event of a loss is completely off the mark. The belief that businesses are in league with the Devil and only wish to inflict harm on the "little guy" is typical leftist jargon. We can do without that. In truth the reason so many loans were made that shoudn't have been stems in large part to a government that required loans to be made to people that shouldn't get them. Its tough to deny laons when the the "discrimination" label is affixed to so many of them.
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