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In reply to the discussion: weigh in if you hated Matt Taibbi before you read this (because it's what you do) [View all]DirkGently
(12,151 posts)130. How about when lenders did the lying themselves?
http://blog.oregonlive.com/oregonianextra/2008/03/chase_memo_re_mortgage_story.html
Behold: JP Morgan Chase's "Zippy Cheats and Tricks" memo.
Explaining how to trick their own underwriting software into approving loans that were bad *by their own standards*
Besides pressuring rating agencies to falsely classify mortgage backed securities as AA, besides selling them to pension funds and government agencies, besides standing before regulators and swearing only THEY could properly regulate derivatives, lenders literally gave loans THEY KNEW WERE NO GOOD, because they weren't keeping them. Into the subprime blender they went, and out popped valuable financial instruments.
It's true the fraud was systemic, but in places it was acute and overt, and the message that has been sent is exactly the one Wall Street wanted -- when big money steals, it's not a crime.
Behold: JP Morgan Chase's "Zippy Cheats and Tricks" memo.
Explaining how to trick their own underwriting software into approving loans that were bad *by their own standards*
Try these handy steps to get SISA findings . . .
1) In the income section of your 1003, make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus.
2) NO GIFT FUNDS! If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds on the rest of your 1003.
3) If you do not get Stated/Stated, try resubmitting with slightly higher income.
Inch it up $500 to see if you can get the findings you want. Do the same for assets.
It's super easy! Give it a try!
If you get stuck, call me . . . I am happy to help!
1) In the income section of your 1003, make sure you input all income in base income. DO NOT break it down by overtime, commissions or bonus.
2) NO GIFT FUNDS! If your borrower is getting a gift, add it to a bank account along with the rest of the assets. Be sure to remove any mention of gift funds on the rest of your 1003.
3) If you do not get Stated/Stated, try resubmitting with slightly higher income.
Inch it up $500 to see if you can get the findings you want. Do the same for assets.
It's super easy! Give it a try!
If you get stuck, call me . . . I am happy to help!
Besides pressuring rating agencies to falsely classify mortgage backed securities as AA, besides selling them to pension funds and government agencies, besides standing before regulators and swearing only THEY could properly regulate derivatives, lenders literally gave loans THEY KNEW WERE NO GOOD, because they weren't keeping them. Into the subprime blender they went, and out popped valuable financial instruments.
It's true the fraud was systemic, but in places it was acute and overt, and the message that has been sent is exactly the one Wall Street wanted -- when big money steals, it's not a crime.
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weigh in if you hated Matt Taibbi before you read this (because it's what you do) [View all]
WhaTHellsgoingonhere
Apr 2014
OP
We are waiting for the expected investigations and prosecutions of those who collapsed the
sabrina 1
Apr 2014
#125
Yes, once you see someone play fast and loose with the facts two or more times, why continue reading
stevenleser
Apr 2014
#104
Plus they had a free reign starting in 1981 that didn't end until the watered down Dodd-Frank. eom
MohRokTah
Apr 2014
#9
DING!! DING!!! DING!! We have a winner! The reason why very few are in jail is precisely due to
Liberal_Stalwart71
Apr 2014
#157
I noticed that. No matter what, it's always BOF. I call it Obama Derangement Syndrome, but...
Liberal_Stalwart71
Apr 2014
#182
"Tarp was absolutely necessary": Greatest lie perpetrated on the American people
brentspeak
Apr 2014
#17
Add me to that list. I agree. And despite your drama, you weren't called a liar. It
jtuck004
Apr 2014
#34
Citing Enron & Andersen as part of proof of the Bush admin going after "corporations"? That's funny.
stevenleser
Apr 2014
#13
Whether you agree with me or not, poor journalism on Taibbi's part doesnt make your point.
stevenleser
Apr 2014
#23
Shock journalism; high on sensation, low on verifiable facts, is too tempting for some
stevenleser
Apr 2014
#71
I think to understand him, you have to go back to his 'work' at "the Exile."
stevenleser
Apr 2014
#141
I think he's a little more than the Ann Coulter of the left -- like I said, I like some of his stuff
DanTex
Apr 2014
#184
Of course there was a choice in the situation just as there was/is a choice in the Wall Street
PoliticAverse
Apr 2014
#39
No, there was no choice, and the prosecutions came after the damage was done. Its a fail
stevenleser
Apr 2014
#54
I think you need to reread your title. Whether citations are in links or in footnotes, they are
stevenleser
Apr 2014
#90
Let me make it further easier for you. Whether cited in oral statements, links or footnotes,
stevenleser
Apr 2014
#108
Do you honestly think Bush was tougher on Wall Street and Corporate America than Obama?
DanTex
Apr 2014
#50
Well done. As always, the devil, for the anti-Obama left, is in the details. nt
stevenleser
Apr 2014
#113
When I search for the words "teeth" and "father" in this thread, only your posts come up.
DanTex
Apr 2014
#142
Rather than ad-hominem attacks at fellow DUers, do you disagree with the points raised? If not
stevenleser
Apr 2014
#55
We're allowed to go ad-hominem against non-DUers. As you demonstrate with the President quite often.
stevenleser
Apr 2014
#59
I can see why he is Fox News worthy now, He thinks just like those that put him on as a token Lefty
Dragonfli
Apr 2014
#79
It doesnt surprise me that folks who think ad-hominem is a good debate tactic are against me. nt
stevenleser
Apr 2014
#85
Not against you, rather fascinated by your ilk who claim to represent liberals
Dragonfli
Apr 2014
#91
LMAO. Clearly my insistence on facts and evidence frustrates you. I get it. Continue with ad hominem
stevenleser
Apr 2014
#105
Yes. Does anyone actually believe Bush would have gone after Goldman Sachs or Obama would have
Chathamization
Apr 2014
#148
I don't know if that is snark or not, but my job requires me to work with Federal agents regularly.
Maedhros
Apr 2014
#164
Taibbi, like Greenwald, has to produce outrage to earn that sweet, sweet Omidyar money...nt
SidDithers
Apr 2014
#101
Matt Tiabbi is terrific and he is also looking for attention for his latest venture.
Walk away
Apr 2014
#151
Taibbi's earning his bones. He's got a (B)illioinaire sugar daddy to impress. Maybe now, he can...
Tarheel_Dem
Apr 2014
#156