After watching this movie, which explains quite cogently what the credit default swaps were and all those toxic instruments, I also vowed never ever to get into a mortgage. If I want it, whatever it is, I will pay for it in cash. For I am not about to give one red cent to the industry that destroyed the global economy and the lives of millions of Americans, and continues to behave in the most disgusting way. There is no difference between the banks and lenders and Bernard Madoff. The subprime lending crisis is nothing but a massive scam. A massive white collar crime.
I don't understand why there aren't any more judges out there like this guy in Brooklyn who has been denying banks the right to foreclose. Just as the government stepped in to bail these motherfuckers out, it should step in to stop foreclosures. The banks cannot repossess the homes, since they did not act in good faith to begin with. The banks should be forced to renegotiate the debts to help people keep their homes. Why is this not happening? Why are we helping the criminals instead of aiding their victims?
This documentary shows that some lenders like Wells Fargo deliberately targeted subprime loans to minorities, effectively converting certain incipient middle class neighborhoods into blighted areas, destroying the social and economic fabric of entire communities. It shows personal stories that make you want to tear your hair out in despair.
Alan Greenspan should be hung by the balls. And so should Henry Paulson. And so should Senator "Nation of Whiners" Phil Gramm. He should be executed.
But we Americans are a sorry bunch of losers who allow these criminals to roam the Earth unscathed. As long as we let this happen, we deserve everything that's coming to us. Land of the free, home of the SUCKERS!
My only consolation is to hope that some of those greedy bastards lost a lot of money. They should be forced to watch this movie to see what they did to honest, hardworking people who suddenly could not afford their monthly payments, not out of irresponsibility, as some would have us believe, but because they were lied to and there was no way they could understand what exactly they were signing.
Everybody should see this movie.
We were under the impression that this is a decent country with high moral standards. This is not the case. This is a vile and corrupt cesspool which is no better, even though it likes to feel superior to, than any classically corrupt third world country. Here the corruption is embedded in the system. The lack of regulation of the past 8 years just made it a free for all. And it doesn't seem like the current administration is in any hurry to really lay down the law with the banking and insurance industries.
And, as I am looking to link the Brooklyn judge this is what I find: Wall Street now wants to securitize life insurance policies and sell them to investors as bonds.
Please, check this out and tell me you don't want to tear your hair out.
Man, a whole new 9 circles of hell should be devised for these people. The one we have is simply not roomy enough.