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These mortgage mills dispensed with due diligence, rarely bothering to verify incomes, identification, even citizenship. The loans were designed to have short, fragile lives, like fruit flies. They had to stay viable just long enough to be sent back to Wall Street and resold to secondary buyers, who took the losses.

Ten Years After the Crash, We’ve Learned Nothing

It was a classic Ponzi scheme. So long as new loans were created and sold faster than the old ones failed, the subprime market made everyone rich. But the minute the market started to swing back the other way, everyone knew they would all crash to earth, Wile E. Paulson knew as well as anyone.

Treasury and the other regulators received ample warning. According to Bean, the OTS observed and ignored more than deficiencies in mortgage practices just at WaMu in the years before the crash. It took longer to get a car wash than a home loan in those days.

I had one mortgage broker in Florida tell me he used to look for customers on the way home from work at night, at the beer cooler at his neighborhood 7-Eleven. The end of this party was no confidence game.

Guarding Mr. Fine, by HelenKay Dimon (Tough Love #3)

This was gravity: what went way up, coming way down. History commends him only for the honorable act of going down with his ship. The titans of Wall Street ignored at least four years of warnings, escaped richer than ever, and in the end were lauded as heroes by the likes of Sorkin. And you know what? Hell yes. People pointing the finger at homeowners are asking the wrong questions.

Matt Taibbi on the Year Anniversary of the Crash – Rolling Stone

The answer is, the game had nothing to do with whether or not the homeowner could pay. The homeowner was not the real mark. The real suckers were institutional customers like pensions, hedge funds and insurance companies, who invested in these mortgages. Ordinary Americans had their remaining cash in houses and retirement plans, and the subprime scheme was designed to suck the value out of both places, into the coffers of a few giant banks.

A blizzard of post lawsuits involving pension funds testifies to this. One State Street fund lost 28 percent of its value. In other words, nobody cared if the loans were shoddy. They were selling like hotcakes, generating lots of cash. Party on! But nobody pushed banks to do anything.

Homeowners were necessary parts of the scam.

Me after finishing this book:

They were the straw in the Rumpelstiltskin scheme. It was a hot-potato game. Get a name on a piece of paper, then toss the loan from buyer to buyer until you found someone unsophisticated enough to take it. All that brainpower in the New York Fed 10 years ago was searching for new takers for hot potatoes. They got the taxpayer to buy a lot, and got the Fed to buy more.

They even used Fannie and Freddie as a backdoor bailout mechanism, buying up still more toxic assets.


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The banks themselves were the only ones who refused to take losses. The strength of their faith, marriage and family are tested. In Painful Blessing , Jill tells the story of devastating loss, hope that comes from the faith that sustains her, finding joy in their new life, and the decision to embrace recovery as both a team sport and a lifetime endeavor.

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She narrates the story of her miraculous recovery in the face of enormous odds, the task of relearning everything, the overwhelming challenges, and the lessons she learned about herself when faced with adversity. In Stroke Recovery Stories , Jeff Kagan brings together stories from stroke survivors and their family members. The stories show the happy, funny and serious side of stroke and show that recovery does happen, one day at a time.

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