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

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posted on Oct, 4 2008 @ 04:46 PM
reply to post by Anonymous ATS

Mozillo is just as wicked and just as guilty as Arnall and anyone else who was heading up these evil equity stripping fraud factories.

Countrywide was such a gigantic company, they were king of the industry for many years.I believe Countrywide held out of the subprime game for as long as they could, but one could not ignore the huge profits being raked in by others.

Hence the creation of Full Spectrum Lending, which was C-wides sub prime arm. Mozillo, the great orange faced scheister, is a known heathen in the world of mortgages. As I said in my previous posts it would not suprise me if he were the next CEO to suddenly "pass away".

If I am not mistaken he is facing congressional hearings regarding his part in the crashing of Countrywide and the subsequent theft job.

The face only a mother could love. Why is it that almost all of these CEO's and crooked politicians seem to look like evil personified?

"Trust me"

[edit on 10/4/08 by BlackOps719]

posted on Oct, 4 2008 @ 09:00 PM
Thank you, BlackOps719, for the informative thread. I always knew that there were unethical people out there, who would use any loophole or sniff out any scheme to separate people from their money. (haha I had to pay more on my CA energy bill when Kenny Boy manipulated the energy market in 2000.) These are the faces that need to be on wanted posters!

I bought my first house in 1977, having to move to a rural area to afford one. Even back then, ARM's were not the best way to mortgage, but were being offered more and more as a way for first time homebuyers to enter the market. The reasoning was that buyers were going to increase their INCOME by wages/salaries increasing (raises, entering a higher paying job, a spouse entering the workforce) to offset any rise in payment.

Since worker income has actually been flat or decreasing since those times, a homebuyer with an ARM would have to depend on the value of the house increasing, not income. Trouble ahead! Jeez, in my town, $10/hr is considered good pay, yet homes were selling for $400,000!!

When the American middle class became the consumer class, the easiest way to keep up in a changing national/world economy was to go deeper into debt. Trouble behind!

The middle class economy has been allowed to trickle down, the drain. People like the ones you mention have put the last squeeze on families' pocketbooks, much as one gives the lemon slice one last twist to squeeze out the last drops.

posted on Oct, 7 2008 @ 08:10 PM
reply to post by llpoolej

Thanks for your video. The truth is getting out slowly!

Here is the banned Saturday Night Live skit that also nails the obfuscating democrats:

Be sure to watch as it is a hoot plus it's probably the only time you'll see SNL criticize the Democrats!

posted on Oct, 8 2008 @ 08:35 AM
reply to post by BlackOps719

Excellent post, and from that Washington Post story on the the second page:

Under the agreement, Ameriquest loan officers will be required to tell borrowers such things as what a loan's interest rate will be, how much it could rise and whether the loan includes a prepayment penalty. Loan officers who do not make that disclosure will be subject to discipline. The company would also be forbidden from giving sales agents financial incentives for pushing consumers into higher-interest loans or prepayment penalties

Discipline? They can't go on any rides at Disney? Even the judiciary fails to punish these crooks.

posted on Oct, 8 2008 @ 12:46 PM
reply to post by PhilltFred

Quite the opposite, those loan officers who defrauded the most borrowers and were top in their branch got sent to a yearly week long Ameriquest party called "The Big Spin" which was held annually in Las Vegas, NV.

There were paid celebrities in attendance, the LO's from all over the country were put up in high dollar hotel suites and given money to gamble and have fun with.

Then they held what was called Big Spin, where hundreds of screaming and cheering LO's were packed into a meeting hall where a select few big boys got to spin a gigantic wheel for prizes.

Each year they would give away tens and hundreds of thousands in raw cash, while the luckiest ones ended up winning Porsche Boxters and Hummer H2's.

All at the expense of home owners. Maybe later I will tell you about the time Ameriquest held it's managers retreat in Tahiti and Roland Arnall rented an ENTIRE ISLAND just for Ameriquest employees and their wives for an entire week.

posted on Nov, 19 2008 @ 10:08 PM
Ameriquest Sucks! 2008

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