Respected, By Whom?
The headline in my paper today reads ‘Respected Lender Files for Bankruptcy.’
It’s just that kind of crap-reporting that makes this whole ‘subprime’ lending scam sound as if it was respectable and just went a little bit awry--just one of those unfortunate-but-unavoidable market circumstances.
The headline in my paper today reads ‘Respected Lender Files for Bankruptcy.’
It’s just that kind of crap-reporting that makes this whole ‘subprime’ lending scam sound as if it was respectable and just went a little bit awry--just one of those unfortunate-but-unavoidable market circumstances.
The ‘lender’ in question is New Century Financial, which was put together by three escapees from the sub-prime mortgage business who saw big dough to be made off something that should have never been allowed. These ‘respected mortgage lenders’ wrote $51 billion just last year to people who had no chance of surviving the papers they’d signed.
Paper so shot full of small print what-ifs and barely legible then this…