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Testimony: "Never decline a loan!"

In zijn artikel "The Check Is On The Table" van 3 november 2008 illustreert Karl Denninger de fraude met hypotheekleningen in de Verenigde Staten en de druk op werknemers om kost wat kost leningen toe te kennen.

Hij haalt een getuigenis aan van werknemer uit de branche:

    "I was in the mortgage business for 23 years. Eight of those years were at Freddie, as an underwriter, Quality Controller/Internal Audit and Senior External Auditor. From 1995 to 2006 I was a Senior Level Contract Underwriter. I worked for GE, PMI, Radian, MGIC and United Guaranty. As a contractor, I worked in Crestar, Countrywide, First Magnus, Wells Fargo, Bank NY, Bank United, Bank Of America. I have been out of work for 2.5 years because I was "blacklisted". I moved from company to company because I just didn't decline the loans, I proved the fraud. My managers would say such comments as, "you cant call them liars", "I can get any property appraised", "We do not decline loans here", "We don't use the word (fraud) here". Unlike Ms. Cooper, I made copies of all the files, hundreds of them. The last 1.5 months I was at Magnus in 2005, I only underwrote 46 loans, each of them fraud from cover to cover. I declined each one of them. And I have a copy of each one of them to prove it.
It did not stop there. After being out of the business for 2.5 years, my home has been written on repeatedly. I was put on the "no fly list" and every rumor from A-Z has been said of me.

I even have e-mails from these people, in "electronic" format. I would send their BS e-mails from my work to my home machine. Each one a "Master Card" moment, "Priceless"."

...
Fraud of this sort wasn't an afterthought folks. It, and suppressing those who tried to stop it, as this poster alleges, was an inherent and necessary component in blowing the housing bubble.

That is, fraud was the entire point of the housing bubble, and the theft of literally trillions of dollars of phantom wealth from Americans was the intentional result, leaving them nothing other than debt.

No fraud, no bubble, because there is no possible way to get the lending velocity necessary to crank up valuations like this without the fraud.

The bubble could not have happened without the fraud just as the Internet bubble could not have happened without the fraud during those years.

I personally witnessed the fraud in virtually every firm around me during The Internet Bubble.  I saw it daily.  I saw the knowingly-false projections and claims by firms, both public and private.

This is the key item that every man, woman and child in this nation needs to understand - your "home price appreciation" was not driven by market forces or "animal spirits", it was driven by fraud and outright deception.

Whether you were personally involved in it or not is not material - your home did not go up in "value" as a consequence of demographics, as a consequence of speculation, or as a consequence of "mistakes."

It went up in value because there was a conscious decision made to rip people off and approve loans that the lenders knew were fraudulent.

The lenders knew it, the regulators knew it, Congress knew it, Treasury knew it and The Fed knew it.

All willfully and intentionally ignored, and in many cases actively encouraged, that fraud.

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