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To: andiron who wrote (89482)	10/30/2008 11:09:40 PM
From: The Reaper	5 Recommendations Respond to of 116555

To guard against fraud, an F.H.A. spokesman said, borrowers will have to certify they did not “intentionally” default. I especially like this requirement. These would be the same borrowers who "certified" that they had the income to pay the mortgages?

To: andiron who wrote (89482)	10/31/2008 7:07:46 AM
From: Dan3	1 Recommendation Respond to of 116555

Re: The borrower, who lives in suburban Los Angeles, took nearly $200,000 in cash out of his house and then paid less than the monthly interest due on his new loan. He now owes about $350,000 on a house that is worth only $150,000 And what about the loan officer, who was paid a commission (probably ~$5,000), to validate that one loan request? We have the financial equivalent of drug users and drug dealers here. You're always going to have ignorant slobs who can't see past their next paycheck asking to borrow money. The lending chain, managed by self-proclaimed geniuses who pay themselves multi-million dollar salaries out of the funds they're entrusted with set up and controlled this process.