Wall Street Bankers Fleece Main Street
With so many homeowners losing their homes to foreclosure policy makers and wall street bankers all point fingers at homeowners for causing the problem by purchasing homes they could not afford.Investigativeguy John Mattes says not so fast bankers.
His investigation points to liar loans crafted by banks as the problem.Liar loans were loans created by bankers to fudge the numbers to put people in loans the bankers knew the home buyer could not afford. The loans were designed to fail but so long as mortgage brokers and bankers got their commissions who cared. In legal terms it was fraud .
Mattes interviewed one mortgage CEO who admitted his staff forged loan documents .Now you ask yourself did the loan officer go to jail ; no .Experts say how few if any bank presidents went to jail ,most just got bonuses..