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You Know That the Game is Rigged, Right?!

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Foreclosure Fraud Survivors

Foreclosure Fraud Survivors

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archived
Sunday, November 24th at 1:00pm EST/10:00am PST

Please join us for the second interview with Walt Bergen titled The Bubble.


Walter:"Few people understand how Wall Street created the housing bubble which ultimately burst in Sept. 2008.  It's not that hard to understand if it is explained step by step in plain simple English which is what I try to do.  Since Wall Street was basically deregulated, they were free to come up scheme or scam that would line their pockets.
 
For many years from the 1940's to the 1980s, banks lent money to people buying homes and kept the mortgages on their own books, this was known as "originate to hold".  In the 1980's a new phenomenon appeared called:  "originate to sell".  Mortgage quality began to deteriorate because all the parties in the mortgage chain were getting their fees up front and could care less what happened after that."

 

*Joel Sucher (Pacific Street Films) will also join our discussion.

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