Sleepers “Wake Up” Wall Street Does not Have the Money! YOU CAN NOT SEND WALL STREET TO JAIL

In politics on September 22, 2008 at 3:36 pm

It’s pretty basic:

You buy a new house for $300,000 30% of the proceeds probably get’s divided between the Realtor and the mortgage person and the builder get’s the other 70%.  HELLLLLLLLLLLLLLLO Wall Street does not have the money they counted on the consumers to pay their debts, they did give consumers loans who were not qualified fo get them but this was for a little or a lot of commission but by no means the cost of a house.

There were unscrupulous people who would then buy the house for $500 once it was repossessed fix it up and sell it for $300,000 again and again and again.  The sellers are the people with the money, and they can be anyone from a bank to a builder to an individual to your brother or even your momma.  Wall Street just guaranteed the loans, they were supposed to check someones credit and say they were a good risk.  They failed to do this because someone wanted a commission.  WAKE UP Wall Street absolutely positively does not have the money! Maybe you should look towards borrowers who knowingly lied about income , to get into a house they could not afford. I went to an event and a mortgage person got up and said they don’t check your income just say you had a business and put what you made and your loan will be approved.


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