MSNBC: Cenk & Matt Taibbi of Rolling Stone on Massive Foreclosure Fraud

[ihavenobias]

Run time: 07:26 https://www.youtube.com/watch?v=I3e71oxkp74   Posted on YouTube: November 20, 2010 By YouTube Member: TheYoungTurks Views on YouTube: 2772   Posted on DU: November 20, 2010 By DU Member: ihavenobias Views on DU: 1286

 

Watch Cenk host MSNBC Live through November 30th (3-4pm Eastern, 12-1pm Pacific).

Summary: Cenk Uygur (host of The Young Turks) on MSNBC Live speaks with Matt Taibbi of Rolling Stone about bank foreclosure fraud. You can http://www.rollingstone.com/politics/news/17390/232611?RS_show_page=0|read Taibbi's latest article here>.

[ljm2002]

1. Glad to see them both talking about this...

...Matt Taibbi is doing the best reporting on this issue, hands down, in the tradition of the muckrakers of old.

K&R

[MedfordTim]

2. Wow. Talk about convergance....

I had just finished reading Matt's piece at Rolling Stone when I came across this post. I urge EVERYONE to not only read Matt's article but to send it to as many people you can think of. I thought I had been keeping up with all this fairly well; I have only sent ripples along the surface of the knowledge pond. I had (and, pretty much STILL have) no idea of how deep, wide, or toxic this pond is...

[Quantess]

3. This is a complicated subject for most people with short attention spans, however,

I do think most people would be able to understand it if they just let it all sink in.

People aren't "getting it" unless the subject of foreclosures are pertinent to them. Otherwise, most people don't know about it.

[54anickel]

4. Cenk's closing point is priceless....

Bernie Madoff ripped of rich people and went to jail for it. The banksters are ripping off the average Joe---no crime here!

[timefortherevolution]

5. Pretty much summed it up for me...

Cenk had better be careful.

Call out the rich people and your corporate career is going to be short-lived.

[54anickel]

9. Very true...n/t

[20score]

6. Should be required viewing/reading.

[hulka38]

7. Another important post ihavenobias. Thank you.

[carincross]

8. McLean & Nocera: ratings' agency fraud

On the Newshour Bethany McLean and Joe Nocera expand on these comments by Matt. Bethany also says that subprime lending had very little to do with mortgages. The real impetus was to provide cash-out refinancing to the middle class so that the economy could keep booming.

"After the crisis, it has become very popular for Republicans to say, well, the Democrats caused this with their focus on homeownership, on putting people in homes who couldn't afford those homes. But one of the really interesting things, if you go back to the 1990s to the birth of subprime lending, it was never about homeownership. … Subprime lending grew out of cash-out refinancings, meaning the ability of somebody to go to a bank, refinance their mortgage, and take cash out of their house in order to live on that cash. And that enabled consumer spending through the 1990s and through the early part of -- of this decade. Most of the business of the major subprime lenders, from Countrywide, to Ameriquest, to New Century, was cash-out refinancing. It wasn't the first-time purchase of homes by homebuyers. And this was celebrated by Republicans, as well as Democrats."

http://www.pbs.org/newshour/bb/business/july-dec10/allthedevils_11-18.html