by mannfm11 » Sat Aug 10, 2013 2:59 am
I spent several years in the mortgage business, but got out. I knew some guys doing mortgages back in the mid 2000's, some of whom were making good money working for Countrywide. I informed them they were peddling junk, but they insisted they had good investors. I warned them one day they would come in to work and their lenders would be gone, which they were. It was suggested during this time that I go to work with them. The loan officer has to sign the applications they take. I didn't want my name on any paper as long as what I pretty much knew was going on at the time. If I knew it was going on, through my readings, the DOJ, the SEC and every other government entity knew it was going on. They had FNMA and FHLMC on the carpet by 2004, but it didn't stop the pile of crap they managed to put together afterwards. With all the cries in the internet wilderness, dozens of interviews of Professor Black on television, including public TV and so forth, the DOJ and other government institutions would have had to been in a cave to miss prosecutions. I suspect Franklin Raines, who bankrolled Obama and much of the Congressional Black Caucus had it all handled. For those that don't know, Raines ran FNMA off the cliff in the 2000's, pretty much on purpose. The Raines comments, posted on the bottom of this Doug Noland Credit Bubble Bulletin on October 21, 2001 pretty much says it all.
http://www.safehaven.com/article/209/fr ... l-planningI spent several years in the mortgage business, but got out. I knew some guys doing mortgages back in the mid 2000's, some of whom were making good money working for Countrywide. I informed them they were peddling junk, but they insisted they had good investors. I warned them one day they would come in to work and their lenders would be gone, which they were. It was suggested during this time that I go to work with them. The loan officer has to sign the applications they take. I didn't want my name on any paper as long as what I pretty much knew was going on at the time. If I knew it was going on, through my readings, the DOJ, the SEC and every other government entity knew it was going on. They had FNMA and FHLMC on the carpet by 2004, but it didn't stop the pile of crap they managed to put together afterwards. With all the cries in the internet wilderness, dozens of interviews of Professor Black on television, including public TV and so forth, the DOJ and other government institutions would have had to been in a cave to miss prosecutions. I suspect Franklin Raines, who bankrolled Obama and much of the Congressional Black Caucus had it all handled. For those that don't know, Raines ran FNMA off the cliff in the 2000's, pretty much on purpose. The Raines comments, posted on the bottom of this Doug Noland Credit Bubble Bulletin on October 21, 2001 pretty much says it all.
http://www.safehaven.com/article/209/franklin-d-raines-director-of-central-planning