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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: joefromspringfield who wrote (110652)8/15/2011 12:56:10 AM
From: Paul V.  Read Replies (1) of 224718
 
joefromspringfield, I totally agree with what you have said. However, there are individuals who game the system, the banks write off the loss and sell the bad credit to the collection agencies pennies on the dollar. I personally know of a collection agency manager who bought the bad debts from the banks. Yes, in time the market may catch up with the lending institution, if it does. We saw what happened with the bad debt in 2008 when the financial institutions crashed and then were bailed out by the Bush administration and Congress. The book, "The Big Short," by Michael Lewis was a fantastic book describing what led to the market financial crash of 2008.
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