> I know everyone thinks that those running the mortgage companies and banks should have gone to jail but most had done nothing illegal. Most had operated inside the laws and regulations set up by the government.
Just because nobody was prosecuted doesn't mean nobody broke the law. If someone markets a product as something it is not, most folks would agree that would constitute fraud, even if the seller isn't charged and convicted of a crime. In the case of the financial meltdown, there was widespread corruption throughout the industry. Brokers were marketing mortgages to people who didn't understand them and had no chance to repay them. Underwriters were rubber-stamping those same mortgages, and investment bankers were packaging them up and selling them to overseas investors as safe products backed by the US government. They DID NOT do this because the gubmint told them to do it. They did it because they were making money hand over fist and they wanted to rake in as much dough as they could before the whole thing inevitably blew up.
Yes, much has been made of the folks who took out mortgages they didn't understand to buy houses they couldn't afford. But the mortgage industry only turned to these unsophisticated and unqualified borrowers after they ran out of borrowers who were even marginally qualified. In the end they even ran out of UNqualified borrowers, but that didn't stop them: they cooked up esoteric derivative investments that were even riskier than the garbage on which they were based. Sorry, but you can't blame the mortgage crisis on the folks who were told they could buy a house if they just signed their names on a bunch of papers they didn't understand. There's such a thing as "fiduciary responsibility", and if you believe in it, it follows that it is wrong to issue a loan to someone who is incapable of repaying it. To do so is harmful to the borrower, and fraudulent to the person whose money is backing the loan.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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