Terry what do you think about this scenario :
-New Mortgage Brokerage opens tomorrow and they target people who were 'turned down for loans everywhere else', saying 'we can get you mortgages when no one else can'
- the way they do it, is by taking the data they are given from people applying for loans and changing all the derogatory stuff to positive creating NINJA loans and worse.
- This mortgage Broker is outed by a whistleblower employee for his frauds, as he submits his first batch of mortgages to banks
- the police and State AG charge him, fine him and shut his business
Terry is it your view that not only is that not a documents fraud and illegal but the government was wrong to do anything to fine and stop his business? That they needed to wait until the loans were funded and if, and ONLY IF, some of them fail, then they could fine and close him. But as long as the people pay the banks, then 'no fraud', 'no crime'?
Attempted proof by contrivance. Trump is not a mortgage broker and banks are responsible for their own due diligence before underwriting any loan they make. It's their own lookout.
Now to your contrivance:
Such a mortgage broker would likely not get a loan from a bank, since the people themselves are really not qualified for them. However, if they DO underwrite the loan, the bank only exposes itself like an idiot. They failed to do due diligence.
It was exactly this kind of idiocy by banks that resulted in the 2007 crash. They were literally issuing loans for anything, suckered in by their own greed and Democrat policies of letting anyone buy a house (qualified or not).
When the loans failed, the banks paid for their mistake, until the federal government came around and massively devalued the currency to try to cover up the mess instead of letting the bad loans naturally unwind.
So instead of preventing the disaster, the federal reserve extended it, causing the economic depression that lasted all through the Obama years and a year into the Trump administration. Obama even called it the 'new normal'. Trump ended that depression.
The current economic depression was AGAIN started by Democrats, when they used fear mongering to shut down and destroy businesses over Covid. That recovery has not yet taken place. Those businesses are GONE and they have NOT been replaced. As before, the 'federal' government is devaluing the currency in an effort to get an economy running again (Keynesian thinking, which doesn't work). This depression has seen a devaluation of 24% so far.
So you you want to accuse banks of fraud, look to the Democrats, that conducted this fraud.
