You really get some people’s BP up! I think some of their language was a wee bit overboard.

I can understand that. I dont agree with 95% of what you write. But I still read you to understand the wacko left.

By the way have you dropped from your e-mail list?

I thought you lefties were all for diversity.

Paul Harrington

Hesperia, Calif.

paulj1938@yahoo.com

A 2003 study by Office of Federal Housing Oversight lost Armando Falcon his job, because he told the truth about the exposure major financial institutions had to Mortgage backed security derivative schemes (must read):
http://www.ofheo.gov/Media/Archive/docs/reports/sysrisk.pdf

1A illegal immigration What will happen
when we go into recession the average American will file for unemployment. What will the illegal have when he is umemployed. There may be 3 to 5 millions illegal unemployed. WHO WILL PAY THEIR RENT BUY THEIR FOOD AND CLOTHES. Their may be as many as 3 to 500,000 illegal in our larger cities,(New YorkCity, Chicago, and Los Angeles
and smaller amount in small cities. What the federal government do? What will the state and city do. Who will get the jobs and the economy start to recover. What will the average American do when his unemployment runs out and he look across the street and see a construction site with 20 illegals working every day. THE REAL EXPLOSIVE PROBLEM WILL BE IN LOW AND MODERATE INCOME WHEN THE ILLEGAL FLOOD THE NON-PROFIT ORGANIZATION AND GET ALL OF THE FOOD,TEMPORARY HOUSING AND BEDS
AND BENEFIT THAT NORMAL AMERICAN HAVE
USE AS A SAFETY NET IN AMERICA DOING THE 20TH CENTURY.
MARVIN REESE,PRESIDENT
www.tradecrisis.org

I think the Fed’s intentions in lowering interests rates was to help first time home buyers while stimulating the economy, unfortunately it aslo stimulated greed amongst those who didn’t need help. I was discouraged to see how wide spread the general disregard for responsible capitalism had grown; it was like the entire American economy had become a game of poker where huge pots were to be won without providing any tangible benefits.

Shawn Kahler

As an attorney who worked in the banking and mortgage industry and a current mortgage professional, I had said many months ago when this story on “sub prime” first broke that this is not a subprime issue, it is a Wall Street scandal.

The large houses that securitize, also underwrite the securitizations, and get paid for that. They also provide warehouse lines for the lenders who originate the loans, and earn fees for doing that. Those loans are then sold into the securitization pools. They then direct their investor clients like pension funds, and large institutional money to buy into the securitization pools and puff the value and performance of the funds. They get paid for that too in the form of commissions. They are getting paid on every side of the deal, and it is in their benefit to not disclose the risks.

It is a wall street scandal which mirrors the MCI deal. However, this time the media has a sexier head line. It is “mortgage meltdown”.
I submit it is based on fraud.
Subprime loans are not the problem.
The problem is the multiple layers of Wall streeters who profit from misrepresenting the risk associated with them.
They should be rated as junk bonds, not touted as “high yield instruments.”

The people who are being evicted from their forclosed houses would not have been able to buy the house absent the subprime loan.

So all the high regulator types need to decide if you want perfect “vanilla paper”, then the subprime illiterate and the poor, and the ignorant credit users will not be able to be part of the american dream. They will not be able to buy a home, and that will slow the housing market, as well as all the attendent industries.
So pick your poison carfully.

Regulation, or truthful disclosure by wall street. Perfect credit, or no house.

The other REAL problem the media, including the Wall street journal, is avoiding is that people are living WAY beyond their means. Their credit card debts are increasing because they can’t cover their expenses on their income. Their jobs got shipped overseas, and the Credit card was covering the spread from the new 12 dollar an hour job and the 60,000 a year job that left.

People have been using their house as a piggy bank to pay off the credit cards and start over again.
Once the valuation of the house stops increasing, Voila! no more cash out to clear the decks, and poof! Forclosure.
It really doesn’t pertain only to subprime.

So let us put the focus where it should be. Fraudulent misrepresentations on Wall Street driven by greed, and self dealing, and a faltering job base that prohibits many from making ends meet.

The Bush legacy is just starting to come home to roost. The expolsive real estate boom, has been driven by very low interest rates, and that has caused insane “appreciation” which has allowed those misplaced by outsourcing of their jobs to survive a while longer, by raiding their piggy bank to pay off the accumulating debt.

This little game has masked the true damage of the current regimes “economic policy”. At least for the past few years, and perhaps a bit longer.
We need criminal investigations and indictments, as well as real economic policy to devolop employment and job growth within the US, not just growth to multinational corporations who buy their tax code from our US congress.

With an attorney general who refuses to indict criminals and enforce the laws that would inconvenience his friends, what else should we expect?

Where is Eliot Spitzer when we need him?

Alexander Rahman
Carteret Mortgage
Raleigh NC.
www.carteretmortgage.com/ALDR

JON R.

Good Grief — Even the final independent investigation showed Bush won by the numbers and unlike here in Wash. State he didn’t recrute bums , felons , and prostitutes off the street as democrats did. Yes does not like my posts ether, and removes them.

Most lovingly and sincerely,
Dwayne(waiting to see how long it takes the champions of free speech and democracy to delete this post)Chandler.

ps: You see, unlike the cowards
who post anonymously, I display
my name and e-mail(dwayne.chandler@us.army.mil) for all to see.

Most lovingly and sincerely,
Dwayne Chandler.