TV News LIES

Sunday, Jan 22nd

Last update05:20:13 AM GMT

You are here News Economy Confessions of a sub-prime mortgage baron

Confessions of a sub-prime mortgage baron

E-mail Print PDF

The former loan company boss now sees himself as little better than a mid-rank drug dealer.

"I almost look at the mortgage industry kind of like the drug trade. Wall Street and the investment banks are the Bolivian drug lords," he says. "You look at this and you go: What were we doing? Who doesn't want the feeling of euphoria? Who doesn't like to get money?"

He continues: "Wall Street, the drug lords, were creating this product. Lenders and brokers are the street dealers who were largely making it available based on a consumer desire; a want for it."

More...


Most Recent Related Stories...


Oxfam: Eight men are as rich as half the world

Oxfam : 8 men richer than half the worldThe gap between the super-rich and the poorest half of the world's population is starker than...

Jobless claims fall to near 43-year low

Jobless claims at 43 year lowThe number of Americans filing for unemployment benefits fell to near a 43 year-low last week,...

Amazon says it will create 100,000 full-time jobs in U.S. by 2018

AmazonAmazon will create 100,000 full-time jobs in the United States with full benefits over the next...

Macy's cutting 6,200 jobs, closing 68 stores

Macy's cutting 6,200 jobsAfter seeing sales drop during the holidays, Macy's said Wednesday it has either closed or will...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!