Seven firms closed in Calif. mortgage fraud probe - New England Patriots Forums

***weswelker#83*** · 03-21-2008, 08:32 AM

This is the reason why governmental regulation is necessary in certain sectors of private enterprise. Corporate America cannot always be relied upon to "do the right thing"

List of Companies in Lending Criminal Probe Grows After Bear Stearns Collapse
http://www.usatoday.com/money/econom...ge-fraud_N.htm

AND

http://abcnews.go.com/TheLaw/Economy...4475284&page=1

If they can bail out bear stearns why not millions working families, who got scammed?

wistahpatsfan · 03-21-2008, 08:45 AM

Quote:

Originally Posted by weswelker#83

This is the reason why governmental regulation is necessary in certain sectors of private enterprise. Corporate America cannot always be relied upon to "do the right thing"

List of Companies in Lending Criminal Probe Grows After Bear Stearns Collapse
http://www.usatoday.com/money/econom...ge-fraud_N.htm

AND

http://abcnews.go.com/TheLaw/Economy...4475284&page=1

If they can bail out bear stearns why not millions working families, who got scammed?

Because a government bailout is wrong for Bear Stearns, too. Besides, a mortgage bailout will not help those who own the homes as much as those who own the mortgages. The banks need a dose of reality, not more welfare.

***weswelker#83*** · 03-21-2008, 09:14 AM

Quote:

Originally Posted by wistahpatsfan

Because a government bailout is wrong for Bear Stearns, too. Besides, a mortgage bailout will not help those who own the homes as much as those who own the mortgages. The banks need a dose of reality, not more welfare.

There is increasing evidence that black and Hispanic borrowers were more likely to be steered to high-cost subprime loans than other borrowers.

It is explained here:
http://www.nytimes.com/2007/10/17/op...=1&oref=slogin

Take a look at this link :

Black Atlantans often snared by subprime loans
http://www.ajc.com/metro/content/bus...sure_1104.html

AND

http://www.blackvoices.com/blogs/200...have-a-scheme/

That is wrong again.