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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Sam who wrote (149922)	11/13/2010 9:45:28 AM
From: Suma	Read Replies (1) \| Respond to of 541780

Bill Moyers did an hour's reporting on foreclosures last Spring which I had taped and just viewed. It was one of his last shows. What was revealed.. The banks were so interested in granting mortgages to just anyone they readily handed out money without even checking on the veracity of the person's income or whether or not they could even afford to repay the mortgage. Incentives were given to those who sold the most mortgages. Then the banks bundled the mortgages into whatever and sold them to the brokers on wall street to sell for good profits. They knew which ones were questionable but they did not target them in any way. Now half those who are facing foreclosure do not even know what bank holds their mortgage. The entire operation was a scam over seen by Wall Street and what prompted the entire mess ? GREED.... How this mess will ever be resolved FAIRLY to the homeowner is beyond comprehension. Certainly not in the interest of the mortagee but more the banks and wall street firms. I think Merrill Lynch was heavily involved. Wonder why they went under.