Loan originators have been running wild, destroying the economy. Prison time? Witch hunts? Public examples? No, we need to hurt these people. Exactly the way they've hurt us. Force them to disgorge their personal gains.
Mortgage broker goes home to his wife:
"Honey, we need to sell the house."
"God, why?"
"We have to pay back all the money we made on those phony loans."
"OMFG, this IS serious and what do you mean we?"
"Remember that money WE got back when WE closed on this McMansion? That WE. And that's not all. The settlement requires that we only sell to a documented qualifying owner/occupier client with a court authorized independent appraisal so we won't get enough money to pay the fines and pay off the mortgages. We'll owe taxes on the difference."
"Again with the WE..."
"Dearest, remember that vacation to the South Seas? WE can't untake that trip for instance."
"Oh.... and... if we don't?"
"I go to prision."
"Yes, but what's the downside?"
"Hah, hah. Very funny. We have to sell everything and cut to the bone and then cut some more. You are implicated too just like Casey and Galina. There is one problem however."
"Yeah, what?"
"Where are we gonna find an agent to sell this place? All the ones I know are in jail."
7 comments:
One problem with your scenario there Roberto:
The US of A will have to legalize the pot to make room in the general population of jails nationwide to "house" everyone who is guilty...
There is no doubt these people would have to go to the pokey, too. How do you get financial restitution from someone who spent $200 on a haircut that looks like they slept in the rain?
England had debtors prison, we'll have real estate prison. Two kinds:
FBs stuck in the house they bought, unable to leave.
Real Estate Clerks, in tent cities run by that sherrif in Arizona.
And pink undies...
http://www.cnn.com/US/9907/27/tough.sheriff/
And pink undies...
Damn! And I thought I could be too obscure for even my visitors. I shall endeavor to not underestimate again.
Me? I'll be startin' a FB farm. What I'm gonna do is wait for the bottom. When we get there I'll grab me a few prime stock. They'll be upside down on great properties and in a little trouble. At that point they'll have little or no equity. Robert the "Mortgage Falcon" to the rescue. I swoop down with support in exchange for equity shares. In exchange for what will amount to a few months support I'll be privy to a third the future appreciation or some such. To a drowning man a snake looks like a rope. Hissss......
Robert, that is effing brilliant. How would you do it? Three month's payments for 10% equity? Six month's for 20%? Must sell within ten years, but no sooner than three? Nine months for 30%, and Uncle Cote will throw in a pair of pink handcuffs signed by Joe Arpio? (BTW, I live in PHX, that man has an obsession with pink that is no joke...)
But what if your FB sells his/her house to Casey in a Sweet(tm) reacharound/wrapback/knickknack deal and all the equity goes to filling Mrs. Serins bathtub with wheatgrass?
-jbjbj
Lynching parties, similar to the Saddam festivities. Only no camera phones!
Is there any truth to the rumour that they are starting up a saturday morning NPR show & a new web site to be called Crook & Crack ?
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