Entry by William Watkins

Owning the Financial Crisis

  8 Comments

Will the real culprit please stand up!

Here are a few links on the financial crisis that maybe of interest to the group.

http://www.billmoyers/content/six-films-on-the-financial-crisis

and  http://sfbayview.com/2012/why-all-the-robosigning

I would highly recommend everyone to take a look at these links, at least the robo-signing article.

8 Comments

Thanks for this info.

It would seem to me that Buyer Beware and The Buck literallky stopped at the consumer who could have asked his accountant or attorney for an unbiased 3rd party consultaion on the deal.  We all know the story of Peter Piper. Here, later in life Peter Piper gets a house. But Peter Piper doesn't pick the proper mortgage and now Peter Piper is "Pucked". Peters' predicament is discussed in this humorous parody. Please let me know what you think... Thanks in advance. http://youtu.be/_fKOMT9HjaE

I get it Glenn. But, I believe that there are many who believe that every buyer was a bad actor. We know that that is furtherst from the truth. Mortgage companies giving the buyer what they wanted in mortgage product, knew in advance the various possible outcomes (they do the math way in advance of offering a mortgage product).

Disclosure applies even at the closing table. 

So when the mortgage companies understood that a collapse was even remotely possible--based on their actions in conjunction with a few bad actors (a few unsophisticated buyers) they where obligated as fiduciaries to disclose as much information that is material to their client's interest. Ever wonder why the big banks are pushing to get the $25 billion done with the state attorneys general.

The reason being, if every buyer that purchased between 2006 and 2009 pursued them individually in court on fraud, the damage could possibly be triple the $25 billion. The statute of fraud is pretty clear. 

William, do you think that the Realtor also bought into the hysteria and maybe just maybe, possibly, perchance, perhaps, conceivably, imaginably, mentioned to the buyer that the home they are buying will continue to rise with all the other homes in the United States and the buyer really had nothing to worry about as the house will be worth enough by the time the refinane needs to occur that it won't be an issue?

Yes! Yes! Yes! Glenn, this is where I do believe we do had responsibility in the matter. And this is the reason I'm looking at homeowners as clients before there is a need to sell and possibly matching them up with educated buyers.

In my program we can take the information that is readily available from various sources and do sales modelling for our clients to get better real world outcomes. 

Then please incluse my title company I'd like to help you help them!

Glenn, 

You are on my list of the innovative companies that are finding solutions for our economy and the clients they serve. What you are doing and have done is what I'm striving for in my company. 

Thanks Glenn.

William, thanks for saying that, it's very kind.

This page contains a single entry by William Watkins published on January 29, 2012 12:58 PM.

Do not throw in the towel was the previous entry in this blog.

The Inflatable Programmer is the next entry in this blog.

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