Go Back To Search Results Question Aren't these traunches of complex and worthless mortgage loans really just bogus assets used to fool people? They were worthless stacks of paper to inflate their balance sheets and, thus, qualify to make more loans and investments. They got around the law for required assets with mind numbing bs. Pure smoke and mirrors. They found a way to get more and more leverage. The banksters are still lying, my friend. It is worse than they say. If carefully audited, these worthless mortgage notes will be determined to be be nearly worthless to completely worthless. Lies, lies and more lies. By Tempting Posted on 02/15/09 Total Answers 4 Answers- Yep, it's all a numbers game, Enron used the same thing but was closed down because of it. The banking system is getting away with it and we're buying the BS. Answer by : Jacub2d On Date 2009-02-15 03:29:52 Like the answer above, this is somewhat like Enron. Manipulating the balance sheets and not showing the true debt. That is a major crime for the management and the auditors. It will mean huge prison sentences for these people. The law is the law, even for ceo's and bankers. people like ken lay of enron and bernie madoff are now icons for such high flyers. lay is dead and i predict madoff will be dead before he goes to trial. Answer by : Anxiety On Date 2009-02-15 03:38:08 You are right. There are to many bad loans in America to ever be able to balance the loss. I know it is easy to blame the banks, but it was the Government who forced the banks to lend money to people who could not afford the higher interest rates. If they really wanted to help the low income families buy a home they should have frozen the interest rate so they could afford the payments. The you had unscrupulous loan officer or mortgage brokers that pushed ARMs and balloons this caused most Americans to not have any equity and to have large payments come due that was outrageously expensive. This is what hurt the housing market. Banks do not like loaning money They make their money by investing our money. Loans take to many years to pay back.. Before the Government stepped in it was hard to get a bank loan after the Gov. promised to insure the bad loans. The banks had no choice but to write the loans. Acorn developed the "creative" loan and this hurt the home buyers, they developed a loan where you did not need any documentation to get a loan. then they developed a loan where all you showed is that you have employment. These were really unqualified buyers and these are the bad loans that we Americans have to pay, even if we ourselves have never owned a home. I am a former mortgage broker that left mortgage in 02. I could not ethically write loans to people I knew could not afford it. Answer by : Linda K Texan for Life On Date 2009-02-15 03:58:07 We can stop this. within a year. we can stop this. I have a good project. within 6 month we can stop unemployment and money crunch. Without any expensive. Every single person can earn money. good job, good income for the government. I don’t know with whom i want to talk. ? Answer by : moriya47 On Date 2009-02-15 05:44:11   Go Back To Search Results