An effort is being made, by anyone in Politics and the Banking & Real Estate Industry, to present the current stuation in Real Estate Industry, to engender,or create a "Feel Sorry" mentality, for those People who are losing, or are about to lose, their "Dream House".
The Players in the Game remind me of the "*** Shoots" that used to take place in the Latrines of Barrack in the Army.
The word soon spreads throughout the Battalion,Company, or Division, of some activity taking place that will provide "Winnings" with little or no risk.
The basic problem in the current Real Estate,and Financial Institution Industry, is a result of the lack of Integrity or Honesty.
Those that applied for the loans to buy Homes, lied, committed Perjury, and falsified documents, to acquire Real Estate.
They lied about their Immigration status, and they lied about their source and amount of Income.
They were encouraged, and coached, to do so.
The Mortage Brokers, and all of their Associates, whatever their Title, were complicit in the perpetrated Fraud.
The incentive, was the Commissions available, which paid the Broker an Income of up to $25,000 per month.
All that Money, for just being dishonest.
Everyone, at every level participated, and shared in the Millions of Dollars of Commissions.
Fraud was rampant.
What I am surprised at, is that there are no investigations of Fraud.
At every level, People committed Criminal Fraud.
The Real Estate Purchasers were assured, that by the time the increased Mortages would come due, the Property would have appreciated in value, so that they could refinance to make money and their payments.
It didn't work out that way.
If all those transactions were based on Fraud, why isn't anyone being charged?
Why should honest, law-abiding Citizens,bail out all of these Crooks?
America, Wake Up