The Mortgage Collapse Culprits

Steve Cooper

Banks were forced to give loans based on race rather than the ability to pay back the loan. That was a recipe for disaster and you GOT ONE….

23 comments for “The Mortgage Collapse Culprits

  1. September 7, 2012 at 11:00 am

    Steve, is there another link for this? The printing is a little small and difficult for us over 40 folks to read. Thanks

    • September 7, 2012 at 12:05 pm

      click the photo and a larger copy should open up from there you could press control and the plus sign to zoom in

      • September 8, 2012 at 5:47 pm

        Awesome job Steve its about time someone brought some attention to this. I’m wondering why I’m blocked from the Conservative Monster FB page though…

        • September 8, 2012 at 7:10 pm

          please keep the comments coming… thank you. I will be back later

        • September 8, 2012 at 11:21 pm

          No idea….email me your name at and I will look into it

  2. Noel
    September 7, 2012 at 5:01 pm

    I am sooooo glad you addressed this, Steve! Enough blaming President Bush, already! Put the blame where it belongs. On the globalist, Socialist, Democrats! Playing the cards he was dealt, particularly by a Democratic Congress, President did an outstanding job holding this nation together; especially in the wake of 9/11.

    • September 7, 2012 at 6:09 pm

      bush should have done a lot more. Like declare martial law to arrest domestic enemies

      • Noel
        September 8, 2012 at 2:51 pm

        Now that you mention it….

  3. Noel
    September 7, 2012 at 5:02 pm

    Make that President Bush did an outstanding job …

  4. sheikson
    September 8, 2012 at 9:32 am

    I find it strange that the name Phil Gramm, the long time Republican Senator from Texas, is not on the top 10 list. If it was not for the 1999 legislation spearheaded by Gramm and signed into law by President Clinton — the Gramm-Leach-Bliley Act — almost all of the subprime mortgage practices that got the US into the current pickle would still be banned.

    • September 8, 2012 at 9:36 am

      I do remember something about Gramm being a RINO collaborator with the Communists. I will look into it within the next century lol.

  5. pine cone
    September 8, 2012 at 10:10 am

    The list forgot former Countrywide Financial CEO Angelo Mozilo. Keep in mind that Countrywide was the single largest mortgage company in the country for many years. It originated about 1 of every 5 of them in the early 2000’s (from 2000 to 2007) and even a higher percent of all the subprime mortages during those years. Finally, Mozilo did not run a bank and thus was not forced to lend anything to anyone.

    The son of a Bronx butcher, he took home about $470 million between 2000 and 2007. But he has also been listed second on a list of “Worst American CEOs of All Time” because of all the bad loans he made.

    • September 8, 2012 at 10:24 am

      They can only fit so many people onto one page, but he certainly should be part of the list. How many backroom deals were made to buy up bad loans and spread them out so that the US Government would pay up? The bottom line is that the banks forced these bad loans and FRAUD was also a problem, because criminals knew that the Feds were footing the bill.

      The Soprano’s did a few shows about HUD scams and fraud that were very interesting. Andrew Cuomo should also be added to this list.

  6. Todd
    September 8, 2012 at 4:01 pm

    The #1 person on the list of culprits is Jimmy Carter. He is noted for his signing the Community Reinvestment Act and forcing the banks to increase the risk of default on their loans. As I remember it, that law was passed in 1977 and the subprime crisis occured in 2008. I make that 30 years later (give or take). I also heard that most of the bad subprime loans were made in the last few years before the crisis (2005, 2006 or 2007).

    It makes me ask why did it take so long for the 1977 law to cause a problem? Why did everything work for near 30 years and then fail? Should we have not had a problem 5 or 10 or 15 or even 20 years before 2008 with this bad law? Could it be that something else changed, say 25 years after 1977?

    • September 8, 2012 at 4:32 pm

      Todd, we did have a near real Estate collapse during the Clinton years, but nothing like this.

    • September 8, 2012 at 4:42 pm

      The Marxists are very sneaky people. They love to have conspiracies that go from institution to institution so they finger prints are harder to read. Fannie and Freddie were also part of the conspiracy as well and many of the people that sat on their boards were Clintonista’s. Some very powerful people were involved and that is why there have been NO MASS ARRESTS.

    • JSmith
      September 8, 2012 at 6:30 pm

      Yep the CRA was a ridiculous document. I remember being in fear of the audit of those records because we were trying to be responsible and not lend crazy amounts to people who could NEVER pay it back.

      • September 8, 2012 at 11:27 pm

        It was a SCAM and then they pulled the rug out when a Republican was in office to ensure that a Democrat Socialist won in 2008.

  7. JSmith
    September 8, 2012 at 6:28 pm

    I was a lending officer during all this and couldn’t believe how many people were approved for ridiculous amounts of money. I personally made about 40k/yr and was approved for 185k and was a single mom! Later was a Realtor and felt it was my personal responsibility to talk people into homes they could afford, not ones they were approved by the bank to buy. Didn’t do much good, tho…

    • September 8, 2012 at 11:24 pm

      It wouldn’t shock me too if there were fraud schemes involving organized crime and crooked politicians to defraud the banks with the approval of the US Government to undermine the banking industry.

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