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Politics : MITT ROMNEY -- Ignore unavailable to you. Want to Upgrade?

To: Oral Roberts who wrote (1767)	2/14/2008 12:38:29 PM
From: Augustus Gloop	Respond to of 5586

You echo my sentiments exactly. Ultimately there wouldn't have been this big a problem had the banks not turned a blind eye to good lending practices. Some borrowers are guilty of fraud but that never could have taken place had the banks done the type of due diligence they've done for 70+ years. Their lack of good judgment has put the banking industry as well as the housing industry and economy in peril. Even good people who made good decisions are going to be impacted by this event and thats why I think there's a good possibility that we'll see some people in the home loan industry that go to jail

To: Oral Roberts who wrote (1767)	2/14/2008 12:46:56 PM
From: Augustus Gloop	Respond to of 5586

Countrywide could get a real colonoscopy for their lending practices. The ONLY thing that might prevent that is Bank of America stepped in and bought them. The day before they were bought there we rumors of bankruptcy for Countrywide. Why would BofA buy them at 5+ dollars per share instead of waiting for them to go bankrupt when they could buy them and pay less. My belief is that the Govt cut an attractive deal with BofA to buy Countrywide in an effort to avoid an major failure. Thats purely a guess but if you think about it I think its plausible. We'll never know because back room deals don't get publicized

To: Oral Roberts who wrote (1767)	2/14/2008 12:57:55 PM
From: sandintoes	Read Replies (2) \| Respond to of 5586

Well they built a brand new house and took out a first and second on that. As far as I'm concerned whoever approved their loan should be fired and the bank should be closed because they obviously don't have any standards at all. Yes, certainly the bank shouldn't have loaned the money, but what about the borrowers? They are responsible for the debt. They went into it knowing they couldn't pay it back and didn't care. I've known some people like that, and I don't feel sorry for them. They make the rest of us poor slobs who work hard all our lives, pay for their extravagances, and then they once again get bailed out. Well, I for one, am more than sick of taking care of the world. It's time for someone else to step up to the plate and take a swing without all the crooked politicians taking our money and giving it away like it is a their gift to the masses.