"Many of those borrowers did not turn in required ...

2010-03-13T10:34:07.198-08:00

"Many of those borrowers did not turn in required documents to prove they qualified for the program, which typically lowers mortgage payments by more than $500a month."

FBI classifies mortgage fraud in two categories: Fraud for property and fraud for profit. Many of the "victims" of the current "mortgage crisis" were doing number one or number two or in some cases number one and number two at the same time. Buy (with massive leverage of course), live (2 years or less), flip (to next greater fool using massive leverage), rinse, repeat. When valuations stopped climbing (market ran out of "next greater fools") then their chickens came home to roost. Musical chairs with other people's money - what could go wrong. I actually had people get pissed at me (borrowers included) because I wouldn't participate in this bullshit. Thought I was some sort of killjoy hard ass because I wouldn't "play ball" with idiotic no-documentation lending. Conventional underwriting out the window in exchange for processing speed and after hours drinks with assclowns I don't even like???? Thanks, but no thanks. Mr. Market is going to get his say, one way or the other. I don't care if Obama tears can in fact cure cancer - it's fucking over (finally). It's the old "we can do this easy or we can do this rough" phrase. I'm hoping "rough and prolonged" - I want to see that bunghole get stretched out six different ways to Sunday.

Jeff

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"Many of those borrowers did not turn in required ...