Comments on: California reps push loan limit expansion http://www.ibabuzz.com/politics/2008/05/06/california-reps-push-loan-limit-expansion/ Politics in the Bay Area and beyond Wed, 19 Jun 2013 05:24:24 +0000 hourly 1 http://wordpress.org/?v=3.5.1 By: RR http://www.ibabuzz.com/politics/2008/05/06/california-reps-push-loan-limit-expansion/comment-page-1/#comment-1151 RR Fri, 10 Oct 2008 23:36:34 +0000 http://www.ibabuzz.com/insidepolitics/2008/05/06/california-reps-push-loan-limit-expansion/#comment-1151 Next time, spend 2 weeks in Reno. It won’t cost nearly as much.

]]> By: Melanie Wood http://www.ibabuzz.com/politics/2008/05/06/california-reps-push-loan-limit-expansion/comment-page-1/#comment-1150 Melanie Wood Thu, 09 Oct 2008 21:57:15 +0000 http://www.ibabuzz.com/insidepolitics/2008/05/06/california-reps-push-loan-limit-expansion/#comment-1150 I happened to be in England for 3 crucial weeks last month. I watched shame-faced as their banks went down and my friends had to scramble to move their accounts.

This was very painful for me particularly since I for years was a (token) “fraud investigator” for a now defunct mortgage company which made the Liar Loans that English banks and others invested in.

FYI: Our Fraud Squad researched, did due diligence verifications and recommended many loans be denied. Loans were frequently fraught with fraud and our write-ups recommended denial, and then forwarded to our VP. We never found out if any actually were denied. And we didn’t know that we were just “window dressing” – a Q C department set up to impress (or convince?) investors of a quality product; a product researched and reviewed in detail before funding the loan.

A lot has happened in such a short time: Iceland is bankrupt, asking for a 5 million dollar loan from Russia because of our bad loans; while we are up to our armpits in debt with China; and we bailed out Wall Street with money we haven’t earned yet. I’m certain our friends overseas now feel like we are the proverbial albatross hung around their financial necks.

NOw I’m unemployed at the age of 62 and scrambling to get a job with insurance. My background is solely in banking, title, escrow and mortgage banking. Not a great field these days. According to social security I must work until I’m 66 in order to claim “full benefits” which will just about cover my mortgage. I’ve aleady used some of my IRA to pay off my credit cards and adjusting all spending. I know I’m not alone and not complaining about this as much as I am absolutely furious that there has not been anything said about “FOLLOW THE MONEY”.

We can research the loans, see the brokers who brought in the loans to the mortgage companies who sold them as quality products. And, take a look at CEOs and other Corporate Pirates in institutions like Freddie Mac,Fannie Mae, and the Investors like Goldman Sachs & Lehmann Bros. Run the IRS filings bank statements for 10 years, pull their SEC records on these people and simply LEVY A PROFITEERING TAX – make them pay back the money. I cannot afford covering for these people, can you?

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