There are no words sufficient to describe my degree of seething anger

I agree on the surface of what you're saying, but if these people weren't such lowlifes and self-serving slimeballs, there would be no need for regulation. Greed is greed and greed is an evil thing. It doesn't care who it destroys to get what it wants. These people, if you can even call them that, need to be held accountable for their actions - for their willingness to allow the entire industry to collapse - just as long as they could pad their pockets. I am so disgusted by these whoremongering vipers that I can't even think straight. And, then they go begging for MORE of our money to pull their sorry a$$es out of the hole they themselves dug? Just so they can pass on even more big and unearned bonuses and party hardy in some fancy resort? There is no amount of punishment bad enough for these cretins. NONE!! Strip them of everything they have and put them in the unemployment lines. Let them experience what those they targeted are experiencing. They'd probably kill themselves first, the selfish muck-buckets!

Yes you have a point there and I agree they should be stripped of all their wealth and properties. Greed is a terrible thing and those who caused this should suffer for it. When my wife and I purchased our home several years ago it wasn't that way. The rule of thumb in those days were: Your mortgage payment shouldn't be any more than a fourth of your monthly income. The home mortgage and banking systems ran wild for the last ten years or so and people paying a quarter or half million dollars for a new house have no idea when they will get out of debt. In most families today both the husband and wife work in order to keep up with their payments. Should one of them lose their job, they are in financial trouble. I remember several years ago a close friend on mine who was in the farming business was cruising along and buying up any acreage that he could, by putting up one farm as collatoral and buying another farm with lones from the bank. Then disaster hit. Bank interest rates zoomed up to 18 and 1/2 percent interest. He worked day and night in order to just pay the interest on his lones. It wasn't long before he had to sell out and take a large loss in doing so. He finally ended up with one 40 acre farm and still owed money on it. I still believe it was the bankers who caused his problem by making loans that he couldn't handle. When we purchased our home interest rates on our mortgage was 8% for 12 years and we considered that a good deal. Today interest rates are less than 6% and homes are being mortgaged for 30 years. People drive new cars, have credit card debt, and large mortgages on their homes. I don't see any easy way out for them.

They may have been telling you the loan payment amount WITHOUT the property taxes and insurances that are added to it. And, yes, they probably did it to make sure you'd sign the promissory note. They knew if they scared you away with the actual costs, you'd say no. Plus, they knew what your income was and approved the loan anyway (most likely on the assumption that they'd end up with the property and still come out ahead. The greed factor needs to be removed from the equation entirely. Once they can't benefit financially from lying and scheming, much of the problem will be eliminated. I think all the assets of those who lied to people so they could make bigger commissions (something I don't think should ever be permitted, period - commissions only encourage deceit) should be liquidated and distributed to those from whom they made the commissions. Call it restitution.

The Feds already went after them for doing that and told them they couldn't do it - but they continue. They stopped for maybe a year or two and slowly re-introduced the process. This particular video is about how they admitted (certain insiders) hardselling customers into mortgages they knew they couldn't afford in order to boost their profits (on paper) and also fudged the income numbers to make it look like those customers could easily afford the mortgages so as not to raise eyebrows. Meanwhile, they took home hefty commissions on the sale of the loans.