Trump Wants to rename Veterans Day
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That is not what happened.
What happened is that the Banks made mortgage loans to people who couldn't afford them but then sold the loans to investment banks long before they were to go bust (they were balloon mortgages so they could afford them for five years and then the amount due would double each month and so they couldn't afford them then). Meanwhile the investment banks packaged them into funds containing thousands of these mortgages and sold them to pension funds. The banks and the investment banks all got rich. Meanwhile some guy pays $1,000 a month to the bank for five years (60k) and then the mortgage balloons, they can't afford it, they get evicted, the bank spends 10k to repaint and change rugs and now can sell the house again. They didn't lose. Also the investment banks knew that all these mortgage backed securities would go bust, but they had an ace up their sleeve. When this hit the fan the CEO's went to Washington DC and told the President that either he bails them out or else they spill the beans on 911.
Everyone who sold those NINJA mortgages was violating their fiduciary responsibility. They should have all lost their license and gone to jail or else paid a hefty fine and been open to civil lawsuits. The fact that none of that happened is proof of how corrupt the US government and the banking system has become.
The only losers were the ones who got scammed with these mortgages, the pension funds who bought them and the tax payers who then bailed out the investment banks and helped pay for big fat bonuses for the bankers.
What happened is that the Banks made mortgage loans to people who couldn't afford them but then sold the loans to investment banks long before they were to go bust (they were balloon mortgages so they could afford them for five years and then the amount due would double each month and so they couldn't afford them then). Meanwhile the investment banks packaged them into funds containing thousands of these mortgages and sold them to pension funds. The banks and the investment banks all got rich. Meanwhile some guy pays $1,000 a month to the bank for five years (60k) and then the mortgage balloons, they can't afford it, they get evicted, the bank spends 10k to repaint and change rugs and now can sell the house again. They didn't lose. Also the investment banks knew that all these mortgage backed securities would go bust, but they had an ace up their sleeve. When this hit the fan the CEO's went to Washington DC and told the President that either he bails them out or else they spill the beans on 911.
Everyone who sold those NINJA mortgages was violating their fiduciary responsibility. They should have all lost their license and gone to jail or else paid a hefty fine and been open to civil lawsuits. The fact that none of that happened is proof of how corrupt the US government and the banking system has become.
The only losers were the ones who got scammed with these mortgages, the pension funds who bought them and the tax payers who then bailed out the investment banks and helped pay for big fat bonuses for the bankers.
All from ignorant government policies and "goals" that were out of reach.
https://www.forbes.com/sites/norber...inancial-crisis-and-made-the-recession-worse/
https://www.forbes.com/sites/norber...inancial-crisis-and-made-the-recession-worse/