Yeah, beneath all the "Truth in Lending" laws and "Reg Zs" is the reality that the Fat Cats used some of the most bogus sales pitches in the world to get folks on the hook... Legality, when the deck is stacked with crooked law makers, isn't the issue... What is the issue is that the lenders knew that they were putting folks in houses that would be forclosed on down the road... But, like CEOs who raked in big dough for failures, these brokers werer paid upfront as if every payment was going to be made on time and the notes would go full term???

These assumptions were just that... Yeah, the CEO's company would either be bought up by a competitor or eventually make money... And all these mortgages would go full term... This is failed business logic... These folks knew it at the time but they looked around and everyone elese was being rewarded for failure so they just thought to themselves, "What the hey???" and frabbed as much dough as they saw others grabbin'...

Regulators became business partners and helped these crooks craft better strategies to confirm to the "laws"... And if ya' found a regulator who was doing his job you had the option of changing regulators??? The Office of Thrift Supervision (OTS) is once of the worst examples of what goes wrong when the inmates and the guards conspire against the warden...

So, I for one, will not buy into their story that it was the borrowers who created this nmess or even had any part in creating it... It was a trap the borrowers were lured into not only by the lenders but with the support of the federal governemnt... Shame on the Bush administration and shame on Wall Street...

Gitmo for them all!!!

B~