What happened to the link given by the OP?? http://ml-implode.com/ Not working now... Late Edit... Ok, I can connect now. Late Edit-2 ... Looks like they are being sued in CA.
wait until a congressman gets ahold of this idiot asshhole http://money.cnn.com/2007/08/04/news/companies/freddiemac.reut/index.htm?source=yahoo_quote
http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070719/BIZ01/707190317/1076/BIZ "Ohio Attorney General Marc Dann said his office is close to getting its first criminal indictments in its crackdown on predatory lending practices." "While Dann is already pursuing about 30 civil cases statewide, he said criminal charges are being pursued against the worst mortgage brokers and property appraisers that he believes helped give the Buckeye State the highest foreclosure rate in the nation." "Among those who attended was Tracey Brooks, a 44-year-old hospital administrative assistant and mother of two, who said her purchase of a three-bedroom East Price Hill home was marred by her lender. Though she was told her loan came with a fixed rate, it adjusted after two years - pushing her $678-per-month mortgage payments to about $1,100." That's what appraisals are for. The average Joe who needs a house for shelter isn't equipped to make his own appraisal. The bank needs to know there's enough collateral to back the loan. Appraisers need to be licensed and be governed by laws to ensure objective appraisals. They get caught puffing up a home's value, then they should be prosecuted. I don't understand the attitudes of some ET'ers -- they think unregulated free markets are the answer to everything. All that does is send us back to the 1800's. We've learned from history that free markets need to be regulated to keep us all honest and to have an even playing field. Nothing wrong with profit as long as it earned fairly and honestly. Ripping off a single mom by hiding a big balloon ARM in fine print is not an ethical profit, and when she's foreclosed, we all suffer when the market drops.
so much less heat if Feddie or Fannie step in... in know that the yare technically GSEs, but either way, US TAxpayers gonna eat a crap sandwich sommwhere has anyone else had enuf of the "hard -working "Merikan homeowner gonna lose there roof? i mean, 1/2 these loans are to r.e. specs and the other 1/2 are liar loans?" sad, but no sympathy.