The Mortgage Crisis: Who Should Take The Blame
Are you confused about mortgages? Good. At least you know you are confused. The global economic system has been collapsed by people who were confused about mortgages and didn’t know it. Whose fault was it? It was the fault of the sub-prime home buyer. It was the fault of the sub-prime mortgage broker. It was the fault of lazy financial advisors who put their client’s money in asset backed paper that turned out to be worth whatever recycled paper goes for and no more. Of these, the most dangerous and most responsible party, the Federal Reserve Bank, is also the malefactor fingered the least.
The Federal Reserve is the party most responsible for destroying the global economy. This private corporation, charged by Congress with managing our money supply, cannot be trusted. Did you see Jon Stewart hammer Jim Cramer, the host of CNBC’s Mad Money, on who did this? Well, the answer is, the Federal Reserve Bank did it. And they should pay. Congress must rescind the Bank’s charter and replace it with a central bank controlled by the Treasury Department.
Mortgage brokers tried selling a subprime mortgage to any prospect that had a pulse. Millions who trusted their financial advisors had no idea there money was getting tied up in mortgages to unqualified people.
When the FRB raised the ratio it flooded the market with more money, which went out in loans to unqualified buyers which were then bundled as the infamous ‘asset backed paper.’. An other word for a so called toxic asses is a liability. And that’s what the governement is buying. The government is effectively using your money to buy these liabilities named toxic assets. Read more on this in geld lenen binnen 1 dag in Dutch.
And lastly are the people who bought homes they couldn’t afford, and then started whining that they didn’t know they had an adjustable rate mortgage. If not, things that are bad now are going to get worse and they may not ever get better again. These people should never have been allowed to purchase a home, and they certainly shouldn’t be rescued from foreclosure.
Related posts:
- TheRealDeal – Second wave of mortgage crisis to come
- U.S. Sub-Prime Mortgage Crisis
- California Event: The Mortgage Crisis in California
- Purchaser of foreclosure property responsible for 2nd mortgage forgiven in bankruptcy?
- After foreclosure and have 3 mortgages the money is spread amongst them, Am I responsible 4 the leftover debt?
