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: Scottsdale Personal Injury LawyerMortgage Rate Freeze: A Flim-Flam Scheme to Recharacterize Billions of Fraudulent Mortgages and Trick Investors
By Geoff Trachtenberg
Imagine a loan of $100,000 based upon (1) a borrower's true income / ability to repay and (2) the true value of the real estate collateral. Now imagine a loan of $100,000 based upon (1) fictional income figures and (2) fictional valuation of real estate collateral. Which type of loan do you think predominated in the United States for the last five to ten years?
Now imagine these "liar loans" were bundled into securities with a few good loans thrown on top to make them smell nice. A little like giving someone a stack of bills with $100 bills at the top and monopoly money underneath. Then imagine those bundled securities are sold to various pension funds and foreign investors. Sound familiar?
Full post as published by Scottsdale Personal Injury Lawyer on December 09, 2007 (boomark / email).
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