Comments on Why mortgage banks are falling apart...and what might be done...

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Wow You are the first person who has helped me to
understand anything about this. I've been saying forever, just remorgage the homes make it a 75 year morgage in need be. Now I understand why they can't. Our artist is also a financial genius.

posted by Kabu on September 27, 2008 at 6:29 PM | link to this | reply

Talk about a learning experience! Thanks to this blog and the comment
I have gained a bit of perspective I didn't have. Thank you!  "exactly like moneylaundering" kinda sounds crooked to me. as in illegal. We're gonna have to invest in new jails.

posted by Pat_B on September 26, 2008 at 5:47 AM | link to this | reply

Yeah, don't make us stop and come back there!!

Well, it comes down even lower than that.

Paid-by-commission salesman Alfred is pressured into moving loans and running up values, which he does because he likes having a place to live and sleep and eat and all that.

His company, the Standard Infallible National Patriot Keystone Limited, takes his bundle of fraudulent loans, makes a nice neat stack of it with others just like it, makes them look and smell ok, and sells them to another party,the Grey's Anonymous Holdings, Inc., making their profit in one step and separating the holder (the new owner) from control or knowledge of the loans' viability.

This is almost exactly like money laundering.

Then it gets shoved around into bigger and bigger herds like cattle, and everyone takes their cut each time it changes hands.

Then it's used as collateral. Everyone's sitting down onto someone else's knees just as their being bent, who is sitting on someone else's just-bent knees, and the system lives as long as new knees are added fast enough at the end where someone's putting their keister into the air.

All fall down.

posted by majroj on September 25, 2008 at 9:27 PM | link to this | reply