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Thread: The man that broke the global economy

  1. #1
    Senior Member Richard Halstead's Avatar
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    Default The man that broke the global economy

    http://blogs.moneycentral.msn.com/to...recession.aspx
    http://www.msnbc.msn.com/id/24760645/

    This study traced a sub-prime loan back to Countrywide Mortgage that started the chain of domino's falling. It wasn't the CRA (Community Reinvesment Act) as I and others thought. The company started by Anthony Mozilo made a subprime loan that borrower defaulted on the loans payments.

    What bothered me is Mr. Mozilo was able to sell his company and walk away with 120 million in sold stock as the economy collaped aroud him.
    Last edited by Richard Halstead; 02-21-2009 at 10:25 PM. Reason: spelling
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    Senior Member tpaschal30's Avatar
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    It is human nature to look to a person to blame. I think we have been at this for sometime. For decades we have had loans with 3% down which evolved into loans with unverified incomes and all was well as long as the housing market rose. Heck we had TV shows about flipping houses. I think it was a long game of whose going to be left holding the bag. Unfortunately equity gains fueled by easy credit has evaporated for us all.

  3. #3
    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by Richard Halstead View Post
    http://blogs.moneycentral.msn.com/to...recession.aspx
    http://www.msnbc.msn.com/id/24760645/

    This study traced a sub-prime loan back to Countrywide Mortgage that started the chain of domino's falling. It wasn't the CRA (Community Reinvesment Act) as I and others thought. The company started by Anthony Mozilo made a subprime loan that borrower defaulted on the loans payments.

    What bothered me is Mr. Mozilo was able to sell his company and walk away with 120 million in sold stock as the economy collaped aroud him.
    While you may have struck upon an individual you can point to, Richard, I'd hardly champion that CRA as being faultless.

    I believe if you really go back to when many were attempting to investigate what was happening in the various governmental programs that were requiring banks to make frivolous loans, you'll find the answers to the problem.

    Don't for a moment think the Banking Queen and his counterpart in the senate, Chris Dodd didn't have their arms in this cookie jar up to their elbows.

    Finding the person that pulled his thumb out of the hole in the dike, is small consolation for the corruption and inept oversite that preceded it.

    Most liberals want to blame the banking greed for the entire fiasco. But if you believe in the idea that people follow by example, then you can understand how many of these immoral activities got started. Hey!...if the government yahoos don't give a FRA about who they are lending money to, and seemingly could care less if it gets repaid, why should we not get on the bandwagon and make our fair share in this swindle?

    If you do the timeline on the many attempts tried by the administration to have Freddie Mac & Fannie Mae investigated to find out what they were up to, you'll come to the conclusion that the congress was the major culprit in this entire fiasco. Just listen to some of the floor rants by the likes of Maxine Waters and her fellow democrats wanting their constituants to have lo-interest loans, regardless of their financial status to pay it back.

    It's so tiresome to answer to the "hate-Bush" socialists that couldn't care less about the country. And now that they have control over everything, their corruption and ineptness will become so obvious, even those that have fallen on the sword will soon realize they have sold their souls to something so un-American they will fall on their knees and ask their grandchildren for forgiveness.

    That of course will only matter to a small percentage. The majority of the something-for-nothing-crowd are clueless. They will just become the sheeple that will be the fodder for Soylant Green.

    UB
    When the one you love becomes a memory, that memory becomes a treasure.

  4. #4
    Senior Member Sabireley's Avatar
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    http://WWW.youtube.Com/watch?v=cMnSp4qEXNM&NR=1


    Interesting Fox News report showing the timeline of rebuffed Bush administration attempts to rein in Freddie and Fannie. This is not new but a good reminder as we are continually told by the new administration that Bush's failed economic policy and corporate greed are to blame.
    Last edited by Sabireley; 02-24-2009 at 07:59 AM.

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