American Casino a powerful look at subprime lending scandal

[annm4peace]

on Grit TV they were interviewing the documentarians for the movie about
the Mortgage Crisis. I hope it helps people to open their eyes and mind.
http://www.americancasinothemovie.com/

“American Casino is a powerful and shocking look at the subprime lending scandal. If you want to understand how the US financial system failed and how mortgage companies ripped off the poor, see this film.”
Joseph Stiglitz, Nobel prize-winning economist





I was a temp at Wells fargo duing the refi boom in 2002 and we could have 30-40 on hold.. some holding for more than an 1r.


There were so many closings that they would have to have group closing.. usually held at hotel ballrooms.
there could be 100-200 going through the line. It was sick.

How could anyone get the help the needed in understanding the documents ? ? ? ? ?

I remember refiancing borrowers who were engineers and in the finance industry and they would call back not understanding the documentation.

I think it is very arrogant and ignorant for people to do say.. these people knew what they signing.

I can also tell you honestly that the many of the other co-workers whould often lie to the borrowers if they also didn't understand the terms. Some of the other temp co-workers didn't have graduate from high school but had their GEDs. Many were under 25.

[CubFan7125]

1. Let me answer your question

Q: How could anyone get the help the needed in understanding the documents?
A: Bring their attorney with them.

[dflprincess]

2. Sadly, many people trusted their bankers

and didn't realize they were being conned. Intelligent people have fallen for more obvious scams than this. If people weren't gullible the "Nigerian Prince" letter wouldn't keep popping up. I find it very easy to understand how people got suckered by the banks (and no, I'm not one of them. I've been a renter my entire adult life) most of us wouldn't expect a bank to be willing to make a home loan when they knew it was a high risk and would very probably end in default.

Again, your unlimited compassion for your fellow human beings is truly insprirational.

[Mister Ed]

3. Egad! They should have thought of that!

What's with these poor people anyway? Why do they even bother keeping their attorneys on retainer if they're not going to consult them?