Well, starting at the bottom, I'm pretty sure it's a crime to falsify a mortgage application. Anyone signing an application they knew to be factually incorrect committed a crime, and the mortgage brokers who in most cases cooked up the bogus applications were accomplices.
Likewise, the underwriters who approved the mortgages while at least suspecting them to be fraudulent would be breaking the law.
Moving on up the food chain, I'd say it's a bit more difficult to pin down those who profited most: the investment bankers who cooked up fancy derivatives and sold them to overseas investors. Certainly they misrepresented their products, although it's hard to prove fraud when the misrepresentation was obvious to those few buyers who took the time to do their research. But shouldn't we expect the highest level of integrity from those at the top of the food chain, rather than the other way around?
> Most people who were foreclosed on had mortgages with a balloon clause in them. Most poor did not have that type of mortgage.
The balloon mortgages were very popular among the poorest and least sophisticated borrowers, because they had very low teaser rates. And I suspect they were the most profitable mortgages for brokers to sell.
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Today's Featured Article - Tuning Up Your Tractor: Cooling and Fuel Systems, Hoses and Belts - by Curtis Von Fange. Our tractor is coming right along. The old oil and filter has been taken to the recycler and the air filter replacement has breathed new life into our motor. Let's take a closer look, now, at the cooling system since it has to work so hard in the summer heat. Cooling systems can be real cantankerous in their old age. Radiator cores clog up with rust, lime or other mineral deposits and the fins clog up with weed seeds and debris. The metal headers slowly corrode away from years of use and
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