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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (4976)	2/6/2011 10:18:45 PM
From: Smiling Bob	Read Replies (2) \| Respond to of 119362

That's exactly it. The banks knew just what was going on and didn't give a sh!t They knew the risks and consequences of pushing these loans and were more than happy to take the money upfront and stick the homeowner and shareholder and MBS holder and taxpayer with the bill. Didn't matter who, because the bonuses were coming. Borrowers certainly confided in the "professional" lenders who were steering the borrowers. If there was any doubt in the borrowers mind about the viability of the loan, I'm sure the lender/broker was trained to address and assuage. They were loan salespeople first and foremost. Additionally, I believe in matters of ambiguity, contract law favors the layperson over the professional, who is expected to be knowledgeable.

To: Pogeu Mahone who wrote (4976)	2/7/2011 12:04:01 AM
From: Jim McMannis	4 Recommendations Read Replies (3) \| Respond to of 119362

You are in agreement with Michael Moore. Congratulations! Michael Moore Says......Foreclosures are the Banks' Fault! http://http://www.examiner.com/examiner/x-41649-Manatee-County-Conservative-Examiner~y2010m8d4-Michael-Moores-Capitalism-A-Love-Story here's another 'Mooreism.' Moore states that all the foreclosures are the banks' fault. I would like to know how the banks are at fault for someone not paying their mortgage. When I applied for my mortgage, I do not recall an evil banker, appraiser, or broker with a gun, knife, or other weapon telling me I must sign, 'OR ELSE!' I do recall being told repeatedly how the loan worked, that it could result in an increased payment, etc. I own a home, I have an adjustable rate mortgage (ARM), and I have all the paperwork that came with the mortgage. Scanning through the paperwork, multiple times, in bold print it warns, 'THIS IS AN ADJUSTABLE RATE MORTGAGE, THE RATES CAN ADJUST MAKING YOUR PAYMENT HIGHER' I think that its pretty obvious what could happen. Mortgage paperwork is standard, printed on forms approved by the government, so anyone who also has an ARM received the same warnings on their paperwork. . Continue reading on Examiner.com: Michael Moore Says......Foreclosures are the Banks' Fault! - Tampa Bay Manatee County Conservative \| Examiner.com examiner.com