Well, starting at the bottom, I'm pretty sure it's a crime to falsify a mortgage application. Anyone signing an application they knew to be factually incorrect committed a crime, and the mortgage brokers who in most cases cooked up the bogus applications were accomplices.
Likewise, the underwriters who approved the mortgages while at least suspecting them to be fraudulent would be breaking the law.
Moving on up the food chain, I'd say it's a bit more difficult to pin down those who profited most: the investment bankers who cooked up fancy derivatives and sold them to overseas investors. Certainly they misrepresented their products, although it's hard to prove fraud when the misrepresentation was obvious to those few buyers who took the time to do their research. But shouldn't we expect the highest level of integrity from those at the top of the food chain, rather than the other way around?
> Most people who were foreclosed on had mortgages with a balloon clause in them. Most poor did not have that type of mortgage.
The balloon mortgages were very popular among the poorest and least sophisticated borrowers, because they had very low teaser rates. And I suspect they were the most profitable mortgages for brokers to sell.
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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