They Threw Martha Stewart in Jail for Less!

By
Real Estate Agent with Crye-Leike REALTORS® 165062

I really love to hear all the news on mortgage fraud, bad loans, sub-prime, and the collapse of available equity.  The sub-prime loans that had no chance of ever being repaid may cause the collapse of the US housing market as we know it for a decade!  They knew this when the loans were issued!  To compound the fraud...these knowingly bad loads were packaged and sold around the globe.  If you haven't heard the banks overseas are tettering on the edge of slovency with loads of bad notes (from our sub-prime collateralized mortgage obligations CMO's!)  Yet for those that caused the problems are leaving their corporations with bonuses, and full retirement to the tune of millions as in Countrywide.  What is up wiht this?

They should be leaving the firms in handcuffs and shackles.  This government seems to always give a pass to the banks, they threw the book at Enron, Martha Stewart, and a few others...but no big players as of yet have been arrested for this major mortgage fraud.  When are we going tyo hear of some arrests, some indictments?  They will do a lot to restore calm in the markets.  Instead Walls Street climbs higher in a suckers rally acting as if it is just a pebble ont he road.  It isn't.  It is far deeper.  The Federal Reserve intervantion last week for .75 bp was only the 5th time the Federal Reserve has done this.  It was unprecidented, and was done for a greater reason than mortgages,  A bank(s) was introuble, and perhaps out of cash!

It really makes you think about the values that are running this country at every level.  It is all about the buck, elections, values, and payback!  This debacle could lead to a very deep recession, and those that perpetrated it are getting a pass!  Why was it easy to act like a bully and throw the book at Martha Stewart...when the resets a lone this wear from sub-prime will be over 500 billion dollars...that is 10 times higher than last year! 

So was it right to arrest and prosecute Martha and give the banks and lenders that could cause a global recession a pass?

Jim Crawford

 

 

 

 

Subscribe To Our Atlanta Real Estate Blog in a reader

Subscribe Now!

...with web-based news readers. Click your choice below:

addtomyyahoo4Subscribe in NewsGator OnlineAdd to My AOLSubscribe in RojoSubscribe with BloglinesAdd to netvibesAdd to GoogleOutpost 

Posted by

James Crawford ABR, Broker Associate

 

 

 

 

Atlanta Real Estate | Atlanta Homes for Sale - Call Now!

 

678-595-5283 Direct

 

What's My Home Worth?

 

Jim Crawford Crye-Leike REALTORS® AtlantaAtlanta Real Estate AgentsAlpharetta GA Homes for SaleAtlanta Luxury Homes, Dunwoody GA Homes for SaleAtlanta Real Estate &  Atlanta Homes for Sale,  Gwinnett Homes for SaleAtlanta Real Estate BlogCumming GA Homes, Decatur GA Homes for Sale.   

Atlanta Homes for Sale | Atlanta Listing Agents | Atlanta Buyers Agents

 

Atlanta Real Estate for Sale

 

Buying A Home

 

Selling A Home in Atlanta

 

Atlanta Real Estate Agents - Contact Us

  

Jim Crawford Atlanta Real Estate Social Media icons

Search Listings

Search By
City
Type
Price -
Beds/Baths /
 
 More Options
 Map Search
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Georgia
Groups:
Realtors®
RE/MAX Active Rain Bloggers
Real Estate Rookie
The Ninety-ninth Percentile
Tags:
martha stewart banks subprime mortgages fraud bank failures justice federal reserve prosecution loan fraud values politics

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
706,679
Bill Roberts
Brooks and Dunphy Real Estate - Oceanside, CA
"Baby Boomer" Retirement Planner

Jim, I think that the bankers just did what was natural for them, they lent money when they had it. The real bad guy was Alan Greenspan. I don't buy that he should get a pass.

Bill Roberts

Jan 30, 2008 02:31 AM #1
Ambassador
2,739,883
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

SEE:  http://www.cnbc.com/id/22901531 

The FBI has opened investigations into 14 corporations as part of a crackdown on improper subprime lending, agency officials said Tuesday.

The FEDS are on the move.  Let's see what the perps get by with.  One of the problems with the FBI is that they only investigate and prosecute after the fact.  Regulation and oversight is the job of guys like the FDIC, SEC, and a few others.  Problem is, they didn't.  They're getting in the act now, but only after the damage to the economy has been done.

It's going to be interesting to watch.  You know me.  I want to see some perp walks.

Jan 30, 2008 02:35 AM #2
Rainmaker
334,635
Jeff R. Geoghan
Coldwell Banker Residential Brokerage - Lancaster, PA
REALTOR, Marketing Manager
I think part of the challenge is the involvement of FMC in the process - did they look the other way?  It's pretty hard to separate the gov't oversight aspect of the mortgage industry.
Jan 30, 2008 02:51 AM #3
Rainmaker
89,375
Rick Kellow
Cherry Creek Mortgage - West Bend, WI
FHA & Reverse Mortgage Expert

Jim,

I can't agree more... it makes me sick to think about the loans that were written and hardship customers and lenders were put into... too bad so many people have to get hurt by actions of a few bad eggs... who are now for the must part out of our industry... thank you Jim

Rick

Jan 30, 2008 05:42 AM #4
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Bill Roberts - "Baby Boomer" Retirement Planning  I agree, the last thing I want to do for Greenspan is buy his book...if you listen to his testimony a few years back, this scenario could never have occurred!  He is not much of an expert in my books!
Jan 30, 2008 06:44 AM #5
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Homefinders, Real Estate in MD & VA, Lenn Harley, Broker, New & Resale Homes   Lenn I agree...there is a difference between oversight and hindsight.  If you ask me it was blind-sight!  It is too late now the damage has been done to not only homeowners, home values, hoe owners, home buyers, mortgage industries, inspectors, attorneys, title companies, real estate agents and companies

Jan 30, 2008 06:49 AM #6
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Jeff Geoghan MBA, - Lancaster PA Real Estate Expert  I know they looked the other way!  I wonder if the government is going to prosecute?  I noticed the government did not vocally say anything about asking the heads of the oversight agencies, and Fannie Mae and Freddie Mac should step down, or ask for immediate investigations!  None of the above!!! So...IMHO the US government condoned this!

We need to be contacting our representatives and demanding answers!!!! 

 

Jan 30, 2008 06:53 AM #7
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Rick Kellow  I guess my feeling is that they should now be prosecuted.  In comparison to Enron, and Martha Stewart  they were just chump change...compared to the fallout from this fraud!
Jan 30, 2008 06:59 AM #8
Rainmaker
595,381
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
Our government is OWNED by the big corporations. The corporations put politicians into office so now the politicians owe huge favors to the corporations. And THAT is causing the corruption and downfall of not just our economy but of our entire nation.
Jan 30, 2008 12:18 PM #9
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Lisa Hill (Daytona Beach REALTOR®)   I agree we need change at every level!  The wolves have guarded the sheep too long!
Jan 30, 2008 12:44 PM #10
Rainmaker
59,084
Candy Henthorne
Results Realty - Spring, TX
Spring Texas Real Estate

Jim - I totally agree that the banks seem to always get a pass.  The airlines as well get a pass and bailed out.  Many of the airlines used 9-11 as a way to profit. 

Jan 30, 2008 03:49 PM #11
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
 Candy Henthorne- Spring Texas Real Estate  Face it, the banks are being propped up and given a pass!  Poor Martha!
Jan 30, 2008 03:53 PM #12
Rainmaker
386,634
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Jim- Experts think that this investigation is going to kill consumer confidence. They are still investigating the 14 lenders. We have to wait and see what shakes out.
Jan 30, 2008 04:09 PM #13
Ambassador
1,485,851
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Mark Horan PA Keller Williams Kissimmee, Florida  When The bank in England faild the head lines on the new from Europe was that the banks in the US knowingly gave loans to those they knew had no ability to repay ever!  In fact they referred to as fraud!  Northern Rock did not almost fail from British real estate or builders.  It was from Collateralized Mortgage Obligation CMOS from the USA!  So why does everyone in the USA act as if they do not know what has undermined the banks globally!  Mad mortgage here were turned into investment instruments and re-marketed!  It is not the ability for the distressed home owner that has threatened the economy!  That is just the starting point to global mayhem!

Jan 30, 2008 04:18 PM #14
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,485,851

Jim Crawford

Jim Crawford Atlanta Best Listing Agents & REALTOR
Contact Me Now!
*
*
*
*
Spam prevention

Additional Information