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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: JBTFD who wrote (111916)9/4/2011 12:21:48 PM
From: joefromspringfield2 Recommendations  Read Replies (1) of 224748
 
"They are not being sued for making the loans. They are being sued for fraudulently representing the loans when they were selling them. It's about fraud."

Thank you. I am glad they are looking into fraud. That is a double edged sword that cuts both ways. They need to look at loan defaults on a case by case basis. If the borrower lied about their income on the application it would be fraud. My guess is more borrowers will be proven guilty of fraud than the lenders. Seems to me that it is hard to prove that I misrepresented something when the borrower is given a document to read before signing it. When I sign a contract I read it and take full responsibility for what I signed.
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