The Face of the Mortgage Meltdown and the Great Economic Collapse of 2008

reply to post by llpoolej


du gave me some crazy approvals.. but at the same it denied people who deserved loans.. mbs knew how to get around a denial.. for example if a loan was denied in du usually the mb knew how to tweak the deal to get the du approval needed..

Originally posted by ofhumandescent
reply to post by BlackOps719

 

Excellet post.

and there's still folks out there that say GWB was a good president.

Many American's are in the fix they are in now because they simply watched Fox/CNN News for 1-2 hours, read a newspaper and believed they were "educated" on what is going on.

So many people are still not aware that almost all of our news media is owned by the likes of Arnell Roland and "he who controls the news controls the minds of the sheeple".

This latest financial "crisis" is just the beginning and the NWO is taking shape.

I don't believe enough of us have waken up fast enough to put the fire out.

BTW AMERIQUEST owner was # 1 in campaign contributions to GW..


The Wall Street Journal [subscription required] adds a new wrinkle to the story of efforts by subprime mortgage lender Ameriquest to use campaign cash to curry favor with the government. Ameriquest's parent, ACC Capital Holdings, has paid $325 million to settle regulators' claims that it charged excessively high mortgage rates and didn't adequately disclose loan risks. The Journal's story today highlights the $20.5 million Ameriquest spent at the state and federal government levels to block legislation that would have limited its predatory lending practices.

But as I posted in August, Ameriquest's cash helped boost the fortunes of president Bush. Bush, who used home ownership politics to get re-elected, received $7.8 million from Ameriquest for his 2004 reelection campaign, his inauguration and for Laura Bush's library foundation.

Ameriquest's most interesting pay-to-play technique was to give Rolling Stones tickets and cash to state legislators. For instance, according to the Journal, "Arnold Schwarzenegger's campaigns received at least $1.4 million, along with stacks of tickets to a Rolling Stones concert that were used to lure big donors." And Ameriquest also handed out Rolling Stones tickets to state legislators in Georgia, Maryland, Nevada, Oregon, Utah, Washington and California.

What did Ameriquest get for all its giving?

It got two state legislatures to overturn legislation that blocked its business and kept a third state from introducing such legislation. In Georgia, the subprime industry helped overturn a law it opposed that required proof that a refinancing of any home loan less than five years old would have a tangible-net-benefit. In New Jersey, the subprime industry also rolled back the tangible-net-benefit rule. And In Texas, Ameriquest's contributions helped block a law that would have restricted home appraisers from overvaluing homes -- a contributor to subprime problems.

Will the subprime disaster become part of president Bush's legacy? Ameriquest's cash and Rolling Stones tickets suggest it already is part of the legacy of several state government officials.

Perhaps Ameriquest's CEO, Roland Arnall, was inspired by the lyrics of the Rolling Stones' song Sympathy for the Devil:

Please allow me to introduce myself
I'm a man of wealth and taste
I've been around for a long, long year
Stole many a man's soul and faith.

reply to post by thefreepatriot


Again, I did not do subprime after 1993. I would not do suprime. I preferred conventional because it let me sleep at night.

I have very very very few people do ARM's while I was a broker. I did not push them and I explained WHY it was not the market for them. I had a few very sophisticated borrowers who were building large 1mil homes that they would only have about 500k in. That was the type of borrower that could do one of those interest only arms. Usually the home was for sale anyhow. I did not do them for an average borrower though

It was YOUR job to educate the borrower and steer them to the correct product. I NEVER EVER made 10k off of one loan. My company didn't even make 10k off of a loan.

I understand putting food on your table, but, you had the choice in where you worked. You could have gone to a reputable company. I was always very selective where I would work. My company fired a good producer because they felt he was shady

Ameriquest may have been a very bad company, but, they are not what has brought the mortgage securities to their knees. It is the HUGE holdings of Fannie mae/Freddie Mac. For whatever reason they did it, they did it. Had they not, we would not be in the place we are.

Here is a good link to why the giants were the problem

seekingalpha.com...

[edit on 9/27/2008 by llpoolej]

In effect, this is what occurs: the government gives several billion dollars in American taxpayers� money every year to Israel (despite the fact that there are children in the US who go hungry). This has amounted to over $135 billion since Israel was formed, or to over $23,000 per every single Israeli.[68] (Think about that next time you can�t afford to eat out or have to pay exorbitant taxes.) Much other taxpayer money is also sent to other countries in the Mideast to bribe them into not attacking Israel. Hence, the true amount spent due to Israeli influence is much greater.

Someone mentioned how Arnall got away and is probably residing on Haifa street with many, many other financial criminals whom have been given a new Israeli passport with a new identity while the banks encourage their 'deposits' with open arms. This article explains in part how this happens. How can Americans protect themselves from fraud, racketeering, terrorism if non extradition is allowed for countries such as Israel, Argentina, Brazil as well as many African and middle eastern countries?

I posted the following story to show to what lengths the PTB will go to achieve their ends. The words are small though quite informative.

Israel may be 'perceived' as one of Americas allies though how could Americans allow this country to constantly siphon money (legally and illegally) from its citizenry while at the same time harboring some of the worlds notorious financial embezzlers, fraudsters, racketeer experts. Is this not outragious? Ask yourself why these stories never seem to make it in the headlines and especially the mass media. Read on and perhaps you may learn something in dire need of 'learning'.

The article fails with respect of painting the culprits with a broad brush. You can't blame all jews for the above but rather the zionist Likud party in Israel and its powerful AIPAC lobby of which should be investigated for many crimes committed against the American people and that of the world to further achieve an NWO agenda for the international banking cartel of which funnels billions of dollars of 'aid' to this country. Wonder why?

thepiratebay.org... e_Truth_About_9-11__How_Jewish_Manipulation_Killed_Thousands



[edit on 27-9-2008 by Perseus Apex]


mod edit: to replace [code] with quote code

[edit on 27-9-2008 by DontTreadOnMe]

Understanding sales and human behavior as well as I do, I will say that emotion rides high in any loan. Many cannot believe that they are pulling off the loan of the century while knowing, or believing, that they cannot afford it nor possibly feel that they deserve it.

Money dealers know this! They take advantage of the "little" person and know the right terminology and emphasis to use, to close a deal. They didn't give a hoot if the person could actually afford it or not. It was no skin off their back!

Unfortunately, here is how dysfunction works: parents fight with each other and because they can't get even, they attack the child, who then in turn; attacks the dog!"

All the little people (myself included) are on the bottom of the totem pole, or bottom of the pyramid (that actually holds the structure up) - the symbolic dog that gets kicked!

But, eventually, the dog bites back!! It comes down to: or else what? Give me your best shot!

reply to post by BlackOps719


Ya he should be charged, cept he died march 17th lol..........

Perhaps the Gods will deal the punishment?

reply to post by MatrixProphet


When dealing with loans, which are contracts, your allowed to take it with you, use a nice black felt pen and a highlighter and cross out sentences, highlight changes, sign it then give it to the bank to review if they agree the counter contract.

I did this with my loan in terms of if the bank could sell my mortgage. My belief being, I chose this certain bank to deal with, I only ever want to deal with this bank ....

Needless to say this made the loan officer very angry that I dare write all over his contract and have the audacity to suggest changes and quite obviously I was mentally disturbed and should not be dealt with..



Oh well, we are still still in communication trying to get this finalized, I doubt I will win, but to give the mortgage company a headache is at the very least highly satisfying.

Judging from external, unbiased sources, Arnall didn't fully master the art of corrupting public servers. Add his hawkish, reckless attitude; total lack of compassion, and the result wasn't something that a schemer would be proud of. But his activities offer a look into the subprime mortgage industry.

The other guys were much smarter and stayed away from the public view; no lawsuits tarnished their image and pointed them out. You won't get to them: they have enough money and therefore influence to stay out of trouble. But their incognito doesn't prevent them to cash your $700 billion check.

Pay to the order of_______BANKERS.

Originally posted by BlackOps719
reply to post by atlasastro

 

Wow....that is some seriously crazy information that you have found there my friend.

Arnall raked in billions of dollars from Ameriquest and Argent. He was under heavy scrutiny at the time of his untimely passing.

Here is another crazy idea. What if he was helped out by someone in the Bush administration? After all, Arnall would be a ticking time bomb for Bush once this mortgage meltdown went off. People would surely be asking a lot of nasty questions as to why Bush would appoint a known banking criminal as his ambassador to the Neatherlands.

From the other information I found, two of Mccains top advisors were previously lobbyists who worked for Arnall directly.

Pretty embarrassing stuff if you are facing the complete collapse of the American economy (which they all knew was coming) and the wrath of the American people.

Many former employees seem to think that Arnall isnt really dead. He and Kenneth Lay are probably hanging out on a beach somewhere and laughing like jack rabbits.

Crazy stuff. Starred your post for sure

Edit to add: top secret hidden CIA flights on a jet used to anonymously transport people who do not exist.

That is pretty heavy stuff

[edit on 9/27/08 by BlackOps719]

Excellent thread blackops . It looks like extraordinary rendition infrastructure is being used now to funnel the guilty out of the country .

Originally posted by llpoolej
reply to post by thefreepatriot

 

Again, I did not do subprime after 1993. I would not do suprime. I preferred conventional because it let me sleep at night.

I have very very very few people do ARM's while I was a broker. I did not push them and I explained WHY it was not the market for them. I had a few very sophisticated borrowers who were building large 1mil homes that they would only have about 500k in. That was the type of borrower that could do one of those interest only arms. Usually the home was for sale anyhow. I did not do them for an average borrower though

It was YOUR job to educate the borrower and steer them to the correct product. I NEVER EVER made 10k off of one loan. My company didn't even make 10k off of a loan.

I understand putting food on your table, but, you had the choice in where you worked. You could have gone to a reputable company. I was always very selective where I would work. My company fired a good producer because they felt he was shady

Ameriquest may have been a very bad company, but, they are not what has brought the mortgage securities to their knees. It is the HUGE holdings of Fannie mae/Freddie Mac. For whatever reason they did it, they did it. Had they not, we would not be in the place we are.

Here is a good link to why the giants were the problem

seekingalpha.com...

[edit on 9/27/2008 by llpoolej]

I said no and I educated borrowers... about mtas and pick a pay... I also started the biz in Ameriquest.. so I had no idea that that was how it was not done.. until maybe 3 months into it... the 2,000 diners were definetly a hint.. Trust me once I got out.. I did all I could to go conventional.. but borrowers wanted pick a pays.. if I turned them away.. they would get it from another broker.. so whats the point? I always recommended fannie fixed.. I can definetly tell you been out of the game for awhile.. out of all the brokers in the office I did the most fannie deals.. On top of that I always did Wachovia\World Mtas which have a fixed adjustable option after 2 years of paying on time.. I never opted for WAMU because it did not have that option.. I still stay in contact with all my borrows and most of them have switched to fixed for the small fee of 250...most have rates in hte mid to high 6s which is much better then subprime..

[edit on 27-9-2008 by thefreepatriot]

reply to post by thefreepatriot


You are right. You really do have to do what the borrowers want. And yes, if you were educated by Ameriquest, that is how the "right" mortgages were done in your mind. It was who educated you.

And yes, PEOPLE do not make good choices. Even when the truth is presented to them. Which is why things have spiraled the way they did.

It is a mess. I am a photographer now, which, I was making the transition to starting in about 2006. I turned down a mortgage management job about 18m ago. I knew things were going bad, I have kids and I was already becoming successful as a photographer. I had to make a choice

I honestly enjoyed doing mortgages. I enjoyed a bank environment. I enjoyed going to closings. I can also say I ALWAYS worked for honest places. Banks and two very very good brokers.

Again, blame this on automated underwiting/credit scoring and Fannie Mae/Freddie Mac. They were doing 100% loans with high ratios all day long. Those will SURELY fail

reply to post by BlackOps719


You are in fact correct about this; however, reality changes nothing. The American people as a whole are still so stupid they couldn't find their way out of a one room outhouse. Personally, I am outraged, but you know what? They are still going to take our money and bail these pigs out, and do you know what the American people are going to do? That's right, the same thing they do every time we get bent over, smile and ask for more. We have to be the stupidest society to have ever inhabited this planet. Me personally, I would suggest that every member of congress who votes for this bailout gets voted out of office, but you and I both know this will not happen, because we as a society enjoy the sexual experience of getting screwed too much. Honestly, I do not know who appalls me more, the pigs doing this, or the morons living in this country who allow it and will also allow them to be bailed out. Actually I think it's us as a society for allowing the government and the greedy people who prey on the innocent to go unchecked. I do not know how you people feel about this, but I say, to hell with them, let them go bankrupt. No-one has ever bailed me out of bad decisions and even my parents wouldn't have ever helped me if they thought I had been so deceitful and dishonest while getting myself in trouble. Yes it will affect our economy, but you know what, it's going to happen anyway and then we will be not only screwed, but also 750 billion dollars more screwed. Either way, "we the people" lose and the pigs win.

Originally posted by llpoolej
reply to post by thefreepatriot

 

You are right. You really do have to do what the borrowers want. And yes, if you were educated by Ameriquest, that is how the "right" mortgages were done in your mind. It was who educated you.

And yes, PEOPLE do not make good choices. Even when the truth is presented to them. Which is why things have spiraled the way they did.

It is a mess. I am a photographer now, which, I was making the transition to starting in about 2006. I turned down a mortgage management job about 18m ago. I knew things were going bad, I have kids and I was already becoming successful as a photographer. I had to make a choice

I honestly enjoyed doing mortgages. I enjoyed a bank environment. I enjoyed going to closings. I can also say I ALWAYS worked for honest places. Banks and two very very good brokers.

Again, blame this on automated underwiting/credit scoring and Fannie Mae/Freddie Mac. They were doing 100% loans with high ratios all day long. Those will SURELY fail

I totally agree... the blame is on all levels but more then anything on the easy underwriting.. 100LTV stated\stated crazyness.. that took over.. There were even borrowers that had the income docs.. and still wanted to go stated because it was "easier" even if they had to pay .250 basis points more...

And for those who think this is all George Bush, check out these stats


According to a 2003 New york Times article, President Bush tried to get Congress to do something. The following quote from Rep Barney Frank was in the NYT's article:
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''


Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008
Name Office Party/State Total
1. Dodd, Christopher J S D-CT $133,900
2. Kerry, John S D-MA $111,000
3. Obama, Barack S D-IL $105,849
4. Clinton, Hillary S D-NY $75,550
5. Kanjorski, Paul E H D-PA $65,500
6. Bennett, Robert F S R-UT $61,499
7. Johnson, Tim S D-SD $61,000
8. Conrad, Kent S D-ND $58,991
9. Davis, Tom H R-VA $55,499
10. Bond, Christopher S 'Kit' S R-MO $55,400
11. Bachus, Spencer H R-AL $55,300
12. Shelby, Richard C S R-AL $55,000
13. Emanuel, Rahm H D-IL $51,750
14. Reed, Jack S D-RI $50,750
15. Carper, Tom S D-DE $44,389
16. Frank, Barney H D-MA $40,100
17. Maloney, Carolyn B H D-NY $38,750
18. Bean, Melissa H D-IL $37,249
19. Blunt, Roy H R-MO $36,500
20. Pryce, Deborah H R-OH $34,750
21. Miller, Gary H R-CA $33,000
22. Pelosi, Nancy H D-CA $32,750
23. Reynolds, Tom H R-NY $32,700
24. Hoyer, Steny H H D-MD $30,500
25. Hooley, Darlene H D-OR $28,750


Another article from the same time frame www.audacityofhypocrisy.com... gress-blocked-it/

www.kxmc.com...

Though I am not a huge Fan of Bush, people blame things on him that are not his doing. Also not McCain's doing

reply to post by llpoolej


I am quite surprised to see so many Democrats among the top recipients.. in fact.. the vast majority where Liberals?

Perhaps because they favor large governments, socialist policies that benefit large corporations?

Personally, I think it should have been illegal for a GSE to donate ANYTHING to ANYONE.

Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis

www.youtube.com...://gatewaypundit.blogspot.com/2008/09/devastating-dems-refuse-to-reform.html

Originally posted by thefreepatriot
I am an ex employee.. you have no idea how that place was... think boiler room but for mortgages... thank god I left when the caca hit the fan.. Ameriquest=evilquest anyone has any questions or wants to validate anything let me know...

Ahhhhh....an ex Ameriquest employee. Judging by the fact that you were in Florida you must have been in Region 6, which was known internally as the greediest and most aggresive area in the company.

The cream of the scum.


Who was your area manager if I may ask?


And if in fact you were in Region 6, go ahead and convince me. What was the official Region 6 motto?

This should be i nteresting.

Originally posted by stander
Judging from external, unbiased sources, Arnall didn't fully master the art of corrupting public servers. Add his hawkish, reckless attitude; total lack of compassion, and the result wasn't something that a schemer would be proud of. But his activities offer a look into the subprime mortgage industry.

The other guys were much smarter and stayed away from the public view; no lawsuits tarnished their image and pointed them out. You won't get to them: they have enough money and therefore influence to stay out of trouble. But their incognito doesn't prevent them to cash your $700 billion check.

Pay to the order of_______BANKERS.

Arnall pretty much invented sub prime lending. He didnt need to be discreet, the company had no share holders and paid enough ion kickback money to keep the politicians quiet.

When that didnt work they sicked the attack dog legal team on anyone and everyone who dared ask too many questions. Ameriquest lawyers controlled by Adam Bass were so aggressive they made Scientology lawyers seem like kindergarteners by comparison.


And you have to realize also that this company grew from being just a small run of the mill lender to a mortgage GIANT within literally a few months period of time. I never could confirm, but in their hayday I heard accounts of staggering sales numbers to the tune of over a billion dollars per month in revenue.

Ameriquest pricing software (SNAP) automatically priced every loan at 105.5 regardless of the borrowers credit status of LTV. That means that over 5% was packed on each loan in fees before the loan was even underwritten.

Fraud was rampant, appraisers were either over paid or threatened and intimidated into juicing values on appraisals. Ameriquest had a seven day riscision period for borrowers to back out of the loan after signing, but what most people dont understand is the reason they had such a long grace period wasnt to benefit the borrower. It was because 90% of loans that were being signed hadnt even been underwritten and often only had a 1003 and an appraisal in the file and that was ALL.

Arnall didnt try to hide what was being done because he knew that by the time enough evidence was gathered and a strong enough case was built against him he would have ammassed a fortune already. When you have that kind of money you are basically above the written law. The fact that he was appointed an ambassadorship days after settling a $325 million class action lawsuit is proof enough that he had nothing to worry about.

reply to post by llpoolej


Omfreakinggosh! It never EVER occurred to me that entities such as Freddie/Fannie made campaign contributions.

I give up!

Excellent thread btw

I truly believe this Mortgage Meltdown and Economic Collapse is all part of a plan

It is bigger than any one race or nation

And it is accelerating

We Are Witnessing The Endgame With Our Own Eyes