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.
Upload one or more videos to your post. Photo filesizes should be less than 300K and Videos, less than 2MB. Formats allowed are gif, jpg, png, ogg, mp4, mov, and avi. Be sure to use filenames without spaces or special characters, and filetypes of 3 digits lower case.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - Usin Your Implements: Bucket Loader - by Curtis Von Fange. Introduction: Dad was raised during the depression years of the thirties. As a kid he worked part time on a farm in Kansas doing many of the manual chores. Some of the more successful farmers of that day had a new time saving device called a tractor. It increased the farm productivity and, in general, made life easier because more work could be done with this 'mechanical beast'. My dad dreamed that some day he would have his own tractor with every implement he could get. When he rea
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.