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SUB-PRIME caused by Fraudulent Builder Loans
Author: admin // Category: UncategorizedGrantCardone asked:
www.grantcardone.com UNSCRUPULOUS BUILDERS RESPONSIBLE FOR SUB-PRIME MESS NOT INDIVIDUALS AND BANKS AND I KNOW HOW THEY DID IT! All the media attention regarding the sub-prime mess would have you believe that the current real estate problem has been caused by banks too liberally giving loans to unqualified buyers. It is my belief that….
September 23rd, 2009 at 12:32 pm
Builders?
C’mon?
Joe Public refinanced and wasted the money. The mortgage brokers and bankers and Wall St were all accomplices.
People weren’t prudent. All this has come back to bite em on the bum!
September 24th, 2009 at 8:58 pm
they should only have people with a mba as a law, and people have to afford it by law. In the end we need to have more rules and regulation.
September 28th, 2009 at 3:05 am
You try to point the blame at one group. If you really believe what you are spewing, you are totally clueless
AND TRYING TO MISDIRECT PEOPLE. This was all caused by greed and deception by Mortgage
Whores, Bankers, Builders, Buyers, AIG, Fannie and Freddie and ESPECIALLY Wall Street. To get the
TRUTH, go to nprDOTorg/ombudsman/2008/05/the_giant_pool_of_moneyDOThtml
October 1st, 2009 at 6:11 am
Really interesting stuff. I hadn’t thought much beyond what the media said about this whole mess, but this sounds much more plausible to me.
October 6th, 2009 at 1:28 am
I’m not suprised….
October 7th, 2009 at 9:38 pm
I heard that Spitzer was caught because of the Patriot Act.I thought that was for intel on terrorists not some guy buying a piece of ***. also it was said that more than 3 million regular american citizens were spied on under the guise of being involved in Questionable groups one such group was a veterans org helping combat vets from Iraq
October 11th, 2009 at 7:05 am
Elliot Spitzer was going after the Bush admin for not allowing laws to be enforced that would have prevented this crisis. Low and behold he was taken down.
October 13th, 2009 at 11:15 am
Your explanation is part of the story. The big story here is investment bankers pushing predatory loans. They(Countrywide) knew that when the interest rate went up on these mortgages, the people would not be able to pay. The Bush administration did not enforce existing laws that would have prevented some of these loans from ever being made.
October 14th, 2009 at 2:00 am
Here’s the thing. The Federal Reserve is a fraud. It got passed by 3 congressman’s and a prez. Look it up. So any smart person would look at that and say hey, if they can do it why can’t I.
The federal reserve system creates this monster as credit must be expanded exponentially, as money only exists when a loan is given. However the money to cover the interest payments are not created. Thus some where some one less must take out a loan.
The builders will not get in trouble.
October 16th, 2009 at 10:44 pm
get this video to major newspapers and then get me to go and testify to congress…
gc
October 18th, 2009 at 8:10 pm
This is interesting. I was wondering how this situation got to the point it did…
I like the different viewpoint…
October 19th, 2009 at 7:37 pm
this is so true! they were doing that, developers! I knew so many people who were getting rich off building huge condo buildings that no one ever lived in and didnt really want. I support your position the developers need to be controlled!
October 21st, 2009 at 3:35 am
I think you have a point. “development” as they call it is going crazy. I know these people, developers can be real grimey, real grimey.
October 22nd, 2009 at 8:49 am
Hi Grant,
Fantastic video. I wasnt agreeing at first with your premise but as I listened more I totally got your point! I’ve been in RE lending and servicing-related businesses for 25 years and you surely have a correct target.
Now the question is, how do we handle it?