I note this bit:

"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."

So here's "ordinary" people behaving exactly like the so-called 1% - given the opportunity to make money they behave exactly like anyone else - they do what the incentives reward them for, and to hell with morality.

Originally posted by Aloysius the Gaul
I note this bit:

"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's — that's gonna drive that type of behavior."

So here's "ordinary" people behaving exactly like the so-called 1% - given the opportunity to make money they behave exactly like anyone else - they do what the incentives reward them for, and to hell with morality.

who do you think devised the incentive scheme?
was it the workers on ground level?

do you really think this would happen without the blessing of the CEOs?

xploder

He's gonna end up dead real fast... he should not take a plane... or be left alone at any time.

Seriously. The elite might try to take him out for speaking out.

Originally posted by Vitchilo
He's gonna end up dead real fast... he should not take a plane... or be left alone at any time.

Seriously.

who are you talking about?
the editor of 60 mins?
ahh the wistle blower

xploder

For people that have mortgages through countrywide now BOA this can be good news when they want a modification.

A illegal contract can be used to force BOA to write a new mortgage that is beneficial to the home owner.

This is why lawyers are going through the old mortgage contract looking for fraud they could use in court of BOA does not play fair.

In some cases even people that have lost there home could sue BOA if the loan was not legal.

This may be why BOA was playing hard ball foreclosing on people to hide these illegal loans.

Countrywide was our lender for our first home, and it was absolutely RIDICULOUS how bad they were. Every single month I would make the payment, then have to make multiple phone calls to make sure the payment was actually credited properly. They would do things every single month like credit the entire payment as an "extra principal" payment, accuse us of not making the mortgage payment, and try to assign extra fees. All because we were paying $100 extra every month. It was a nightmare, every single month.

Thank God we only owned that particular house for 9 months, or Countrywide would have given me a nervous breakdown...

This whole corruption scandals are not limited to countrywide, is in every banking and financial instiutions out there, people think their money is safe, within a bank, regular investors think the investment firms like JP Morgan and Goldman Sach have their investments safe wake up people corruption is everywhere because in the US corporate greed runs our system, write laws and protect themselves.

So we all knew about the countrywide corruption but be aware to whom the corruption was liked too, it included our own whores in congress getting favors from corporate America to turn their head the other way.

We only get to know how deep the crap runs when something happens and can not be hidden anymore, I can only dream how deep the crap and corruption runs within the Federal Reserve and the major investments firms that have in their hands peoples livelihood, pension funds and retirement accounts.

In this day and time of global financial turmoil, with agencies falling out of grace and people like Madoff behind their money, people should be asking this question, (do I really have my investments, my retirement and my pensions safe?), you know what my husband say, (I just hope I do).

Is a reason why govenrmetns are desperate to keep economies flowing, keep bailing out themselves and keep trying to support an economic systme that is failing, Why? because years of corruption has stolen peoples money.

But the money gamblers will never tell you.

The worse part of this is most people will read this and want more regulation
That will just empower the crooks even more

Most people have no understanding what regulation is all about

Originally posted by ModernAcademia
The worse part of this is most people will read this and want more regulation
That will just empower the crooks even more

Most people have no understanding what regulation is all about

I watched the entire 60 minutes episode and I think that most of us here understand that regulations are put in place to protect the environment and general public from being abused, cheated, polluted, etc... by those who would otherwise commit these acts, usually with "profit" being the motive.

For you to say that this mortgage fraud was actually a conspiracy against de-regulation is IMO, a joke. I'm not saying that all regulation is good, but it's definitely not all bad either and I believe that most of the federal & state regulations serve a useful purpose. If a company can't drill for oil without polluting, then don't allow them to drill!!! If a bank can't seem to make money without cheating people out of their homes, then don't allow them to bank!!! If humans can't safely operate motor vehicles while intoxicated, then don't allow them to drink and drive!!! Really seems pretty simple to me.

(edit) IMO, it's not the regulations that are the problem, it's a total lack of enforcement and accountability that is the real problem. More people need to go to jail for what they've done! (edit)

Also, I don't remember any mention of this fraud being a scheme to stop deregulation, at least not in the episode of 60 minutes that I watched on Sunday night. For me, the most disturbing part of the whole episode was when the justice dept. official explained that, First; he had never heard of this whistleblower and/or her accusations regarding Countrywide and Secondly; that it was extremely hard to prove "intent," which was needed in order to secure a conviction and that most cases were never prosecuted because of this.

The real problem is that these people are not being prosecuted at all and that was the main jest of the 60 minutes segment. Personally, I would prefer to see the prosecutor, (at some point prior to the expiration of the statute of limitations) attempt to convict them and fail, than to not try them at all. Furthermore, I believe that in our current economic environment, he may find it's easier to convince a jury of intent than he has experienced in past cases.

Anyway, you're definitely entitled to your own opinion and I would never want to get in the way of that so "good luck" with your "Anti-Deregulation Conspiracy Theory."

Each and everyone of these companies that committed fraud owe the tax payer big time.
For every single loan that was given to freddie, fanny or hud.
Those companies should have to buy back the loans. And reimburse for management fees.

They all should be locked up.

Originally posted by ModernAcademia

You need to understand that the biggest corporations, the most evil ones, are the one who hold those regulatory positions.
Lobbying, Campaign Money, More Money and then... they buy regulatory positions
non-elected but appointed positions

The head of that regulatory throne for whichever element you want to make another analogy for.... that seat is for sale to the same people you wish go to jail!

You said my post is a joke and threw a few lols in there
Now what do you have to say?

Thank you for pointing out the "REAL PROBLEM" which is not regulation, but rather corruption within the system. Why not address the corruption instead of eliminating the program? Just because one person abuses the welfare system doesn't mean that we should eliminate welfare, it means we need to address the corruption. I mean, we don't eliminate airplanes just because some crash and we don't eliminate gas pumps just because some people drive off without paying, we address the actuals problems.

Ever heard the term; "Don't throw out the baby with the bath water?" Well that's what the elimination of all regulation would equate to and IMO, it's not the answer.

If we outlaw paid lobbying of elected officials, institute publicly funded elections and get the money out of politics, we will find that our entire system of government will once again be a government that is representative of it's people as opposed to the special interest lobbyist and/or political appointees.

Your approach reminds me of the Tea Party philosophy that "All government is bad" and IMO, that mentality is one of pure ignorance.

Idealist or not, that's my opinion and that's what I have to say.