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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (2127)	10/16/2014 10:36:28 AM
From: Kirk ©	Read Replies (1) \| Respond to of 26439

Great point The car loan have a provision with the dealer (loan originator) that if the money down or income claimed on the credit request was fraudulent the repo goes against the dealer. Mortgage originators would never have submitted all the fraudulent crap they did - if they had skin in the game like that. I knew something was up when World Savings Bank didn't employ the loan department people. They were contractors as if there was some sort of firewall. I'm still amazed the owners who sold out at the top to Wachovia are not in jail. They used to be a very conservative bank, I was with them since college, but they were giving loans to anyone who could fog a mirror. It was clear they were boosting sales to get a higher takeout price. What amazed me is the owners of Wachovia were too stupid to see it. Now Wachovia is part of Wells Fargo and they are again very conservative.