patrick.net

TMAC54 says

Virtually tens of thousands of families will be evicted from their homestead by lenders

Yes, saw it. And 60min briefly mentioned all the borrowers could not make their mortgage payments to begin with. Yes, the banks screwed up in the process of foreclosures. But these are the same tens of thousands who were the winning bid in a sea of multiple offers/bidders. The same who put in their "best and final offer" as they were told by their realtors. The same who ignored prices well off historical norms.

Banks make a small margin on interest income and cost to borrow, while realtors take 6% right off the top from full sales price as commission while all denying a RE bubble.

Wonder when 60 minutes will do a piece on 'fake offers' which inflated the prices to begin with and all the typical puffery sales talk.

Wong forgot to mention that those same tens of thousands were also ran through a loan check process to see if they could actually afford the loan in the first place by the bank before they got the home. He also forgot to mention how seedy and/or flat out unscrupulous many of the realtors were and still are and how they lied to their clients just to make a sale.

The people who took on these bad or often fraudulent loans are the victims here. They were not properly informed of market conditions or were even lied to knowingly by those they trusted, professionals BTW too whose job it was to inform them properly. They were preyed upon by the banks who gave out loans that they knew the borrowers couldn't meet the terms of so the banks could keep the MBS/CDO musical chair game of debt and obligation going to continue scraping profits off the top. And then these people were screwed over by their regulators and court system that favored the banks at every turn, and when the banks still couldn't win that way the courts and regulators looked the other way and let the banks practice blatant and unsubtle fraud.

And look at what ptiemann says too. He knows good and well these people had no chance at paying their mortgage due to the DTI ratios and crazy loans that were done to make many of these deals work and yet still does the sarcastic "cry me a river" routine. I wonder how he would feel if he were stuck in a "damned if you do damned if you don't" situation that he was not even aware of being placed into until well after it was too late to back out.

These 2 are objectively bad people. They, de facto for they will not admit it plainly, defend those who would steal and abuse the law to their own ends (creditors) while holding the victims (debt holders) to blame. Don't be like them.

It's not "yes, the banks screwed up the process of foreclosures", it's "yes, the banks committed criminal fraud repeatedly, and continue to do so."
Shill.

You can find out plenty of information at www.livinglies.wordpress.com.