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Elsewhere late paying your mortgage and had it with paying your mortgage -- just rip up that markets thank you can't my next -- says actually it's moral.
Are likely that you -- Edited out spurs looked into all of us to get this he says he has the group.
But that piece of paper might be just happy to -- but it's.
Mail the bottom line here is that Americans -- it really got.
Captain over the last nine years the greed of Wall Street -- a lot of money into the system.
They start lowering the lending standards the sub prime alt a loans of the last nine years ago forward mortgages.
The bottom line is that.
They violated the law many of these homes like.
Probably millions of lives and they violated -- some of them forty years old fair housing act.
Truth in lending act -- how would you see that in your documents.
Well the -- can't I can't you probably couldn't.
That's why you need to have your documents audit and -- -- -- you go to closing -- you -- lawyer or both read them you -- them really.
You are a lawyer read them really.
Actually yeah well okay maybe you do any big purchase is a huge.
Purchase but the fact is that a lot of these people find blank documents in the process and coasted through closings in fact they were -- -- -- -- by.
People that were misrepresenting.
They were leaving documents out in some cases.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I had decided now I know is still out it might lead to see this thing -- adapted -- it's real simple.
If you broke the law you're -- -- -- And the fact -- -- what would you have to see to prove that they broke the law well for instance it's very black and white you go back and look in the mortgage -- you look at the file you go look.
This person based on their credit scores based on their financial statement.
Based on all our nation has gotten more you know they they don't put into a loan that was inappropriate they were at a local event in the world and they did -- -- don't like I.
I don't know a lot of -- give mortgages he should nominate went through a similar thing no doubt well I'm not Canada not yet you two people aren't engaged in -- -- -- -- someone has -- no doubt clone right and they know they lie about their salary.
And and there's a system in place that allows you essentially lie that your salary or not provide documentation is -- You sign on -- they give it you are just as culpable by signing an accepting it raggedy nightly go to not just I didn't know that -- -- an adjustable rate could go.
-- even though you're talking about no doc loans not just part of the problem.
I'm talking about people that got loans and have documentation.
And they are put -- -- -- for instance the mortgage industry they're supposed to put somebody in an appropriate loan and I put the qualified among the fully indexed rate.
Many of these mortgages people put in these adjustable rate mortgages qualified two and a half of -- 9% men at that rate adjusted.
Ups it's still little itself its approach our regrets -- I understand that but that's -- you have to prove write anything -- Eleventh that I'm saying if they can prove it that all of a sudden you promised me.
I would be approved at the low rate but you didn't approve me at the high rate so I was.
Pre disclosed to be screwed.
Then you can prove that that should be fairly clear about -- don't you think that most people know that when you get an adjustable rate mortgage and adjustable rates go up as well as down.
That as it goes up you're gonna pay more and now you're saying well you know what you should know that.
But I'm not saying that big but that now because you don't you're surprised just where it's gone -- you can just doubt about it.
-- -- -- all I'm saying nails very clearly that the the two people in the transaction you've got a person a consumer that maybe it's their first -- second.
Third home even they purchase for a mortgage company -- billions of dollars every day who some more sophisticated this transaction.
The mortgage company it's -- -- doctor you know doctor not gonna give you too much.
And money we have something the matter with this two years saying now because uses shock to you surprised -- -- I -- -- it's very simple.
If I -- I had mortgages -- what do you think Europe and their millions.
I think there are millions and I think it's about mortgages muttering about -- -- back here.
And I'm gonna show you more that you proved to me where there is that I'm I'm not arguing -- disreputable guys but I just think.
We'll have fun OK it's all right thank you very much banking overture by the way with -- --
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