Road to Ruin: Burned by Brokers Video

Economists, politicians, and pundits refer to "toxic assets" as if they are some unspeakable stew bubbling in a barrel behind an old warehouse. But "toxic assets" are actually mortgages and, by extension, houses and the people who live in them. Sandra Berrios is one of millions facing the prospect of ballooning loan payments forcing her and her family from their home. The bank that lent her the money is getting hundreds of millions in TARP money, but the federal dollars flowing to the bank show no sign of trickling down to Sandra's level.

she had a letter ...
she had a letter saying she would get thirty year fixed. They showed the letter. Why is she a fool? SHE was ROBBED, and TRICKED (ie. fraud aka illegal) That "fool woman" did nothing wrong. What's your problem? Direct your bile where it? belongs, you loser. Would you not want the law to protect you if you were robbed?

@puppisa? amen.
@puppisa? amen.

Here in S. ...
Here in S. California they were selling converted apartments for $400,000. Brokers made the loans and appraisers were confirming value and banks were buying the notes. Fraud all around. Don't blame the buyers. Even Alice in Wonderland would not have believed in this transaction. Buyers trusted the professionals. These crap apartments /condos are now going for less than $100,000 to investors. Multiple bids. Even they might be paying too much. Oh the horror. Thank god? for investors.

You mean people are ...
You mean people are going to move out of houses they can't afford and into apartments that? they can afford?

I'm sorry, but if ...
I'm sorry, but if you can't? read and understand a loan doc...then maybe you aren't cut out for home ownership.

no loan broker who? ...
no loan broker who? violated their fudicary duty is yet in jail. They were crooks. However, the damm fools like this woman are equally to blame for signing loan documents they did not read. She is responsible for the mess her greed enabled her to fall into. I kept renting as prices fell and didnt get sucked into a teaser mortgage properties. Why should I ever have to pay a penny for this womans bad decision?

Government has sold ...
Government has sold us out. BOTH parties are willing partners in our demise. The INTERNATIONAL BANKERS want to rule our country and the world. The NWO? is their ultimate goal.

The REINVESTMENT ...
The REINVESTMENT ACT began by CARTER ,Adopted by CLINTON and pushed forward by BARNEY FRANK and CHRIS DODD.Deregulation was a result of Maxine Waters and gang not allowing Fanny Mae to be regulated .Bush administration tried to curtail them(it's ALL on tape you can see it). the Democrats stopped all review. The repeal of the Glass Steagall Act (which caused all these problems with DERIVATIVE TRADING) was? done by the CLINTON administration! Hate to confuse you emotional liberals with the FACTS.

"pay as you go" ...
"pay as you go" they let that legislation sunset and didn't renew it. Now you don't have to balance a budget and you can have all the inflation you want. Huge deficit, don't matter. Turn a? blind eye to companies raping america. this is what your government did to you. There are other political parties just waiting to do the right thing. Vote them in office, because 100 years of a 2 party system is over and done with.

Thanks to the 8 ...
Thanks to the 8 year reign of destruction I call the Bush adm. George W managed to spend all our money (Federal savings) that Clinton restored, start 2 wars, continue Reagon's voodoo economics (borrow on our Social Security), and allow another global ring (besides oil and pharmaceuticals) that controls wealth, the finance co.'s and banks to f*ck us! If? you don't make over $250,000 and you hate Obama, then you need to watch a documentary called "Maxed Out". Wake up, there is no govt, we are!

Not if we as a ...
Not if we as a society stand up and say enough! Americans are the scariest people on the planet when it comes? to repressive forces, why, because we won our independence. Look how we all come together when crisis happens. We can have everything we need as a free people if we just stop being sheep and do something.

Indeed. When it's ...
Indeed. When it's You vs. the Government + Banksters, the Government? + Banksters always win.

Push these people ...
Push these people into financial? crisis and force their children to join the armed services to help support their family. Pretty messed up society we have here.

customers at that ...
customers at that bank should withdraw their funds immediately..It is clear, this young woman has been ripped off, yet they? refuse to renegotiate?? if they just reverted back to the orig loan, they would still make money! wouldn't it be more logical to have her stay in the home and pay off the orig loan, than be saddled with a house that they won't be able to sell? these people are very illogical in addition to being demonic!

thx u that is my ...
thx u that is my cousin? and plz keep him in ur prays

If? that 21 yr old ...
If? that 21 yr old kid thinks joining the military is a good choice, he's goofed in the head.

magic, Your ...
magic, Your complaint is against those who went in thinking they'd? be able to scam "the system". Trust me, there's no buyer that thought, "I'm out of here in two years, but until then..." Also, as is human nature, the vast majority hocked their savings, their credit cards, as much debt as possible to keep "their house". Human Nature, But if you look at the possibly 10s of 1000s of dollars a few were hoping to scam, it doesn't compare in the slightest with the TRILLIONS GIVEN to the bankers

I agree with you ...
I agree with you toeg1.. Yes, the owners (and the politicians) are the real crooks. The lenders knew that the government-backed Freddie Mac/Fannie Mae would buy the loans from them, so it was a vicious game of hot potato. But, what? did the buyer really lose that was really theirs. I understand they lost "their home", but the home never belonged to them as it was collateral for the debt they agreed to take. I agree with all of your points, except the borrowers do not deserve a free pass.

magic, If you're ...
magic, If you're going to lose your job soon, they won't give you the loan. Otherwise, you're in the realm of "acts of God." You cannot give you a loan. You cannot sign all the documents so that you give yourself a loan. Unless you own the bank, someone else must sign, and that person is signing for the bank. That person must check your background first. You can say, anything. They? still check. They will never take your word. They will always check before they sign. And they checked!!!!!

magic, P.T. Barnum ...
magic, P.T. Barnum, "There's a sucker born every minute." As you say, the brokers know just what to say in case of any court litigation, they have to. Most people are walking? around in their sleep anyway, makes it easier. The winners here are the owners. The brokers filled their roles and so they won't suffer as much as the rest of us. Those who borrowed were played for suckers and they now live in tents. The shmuck isn't the problem, it's the owners.

Further... is it a ...
Further... is it a car salesman's legal responsibility to tell you that your new car is going to depreciate a huge amount as soon as you pull out of the? parking lot? Do they have to tell you that if you lose your job, you won't be able to continue paying for it and then the repo man will come and take the car back? Should everyone who lied on an auto loan application be given a free car because the salesman didn't catch them in their lie?

(more) to be ...
(more) to be positive and encouraging without crossing the line of making claims like "you are guaranteed to make a lot of money". For cases where that happened, if evidence exists, then these agents (or brokers) can and should be held liable. However, out of all of the transactions I participated in, I never? witnessed any such statements. But, why would one have to make such statements with shows like Flip This House on t.v.?

If a broker says ...
If a broker says that? (and it can be proven) then that broker can (and should) be liable in that case. They have a fiduciary responsibility which is highly regulated (at least in the states where I have been involved in real estate transactions - over 100). I know that the lies were out there, and I heard them myself - mostly from real estate agents: "Real estate has never depreciated."; "they aren't making any more of it". Sadly, sales techniques are taught to agents so they know how...(more)

magic, P.T.once ...
magic, P.T.once said, "There's a sucker born every minute." If you're a broker and you tell people that they are guaranteed to make money, they are guaranteed to pay less, and they are guaranteed to lower their bills, some are stupid enough to believe you. But no one? goes for, "Take out this loan and you will be on the streets in two years, trust me!!" No one will buy a loan that way. You have to understand human nature better.

We all have a lot ...
We all have a lot to learn my friend... I think you need to work a little harder than I. I agree with some of your points except it seems that somehow your position is that you want to give the borrowers a free pass from taking responsibility for the legal contract they entered into and, for many of them, lying on a mortgage application. This is called "mortgage fraud". Granted, because of corrupt? government interaction, big banks benefit and taxpayers suffer - but the borrower is part of prob

like I told you ...
like I told you before, magic, I don't go back and check all the videos I leave comments. Only when I'm flagged, like what wild did, will I respond. You're a funny kid. Got a lot to learn, but you're still funny. I may just put up a video with a friend to show people the false analogies circulating. These analogies start with the owners who hand them off to their minions to ensure that the people wind up fighting each? other and forgetting about the real owners.

wild, This isn't ...
wild, This isn't the first time. 1929 wasn't a fluke either, why do you think they call it "The Roarin'20s"? This is the way the owners get big projects on the cheap. They told the poor schmuck that "housing prices will rise forever". One of the oldest con games in the books. Watch The Long Johns. They explain it well. It has nothing to do with people taking out loans at all. The owners? are buying stuff on the cheap, that's all. z-oIMJMGd1Q That one is almost 2 years old and still valid.

That's what was ...
That's what was supposed to be done but there are an enormous amount of backend fees that are generated by making? mortgage loans and there wasn't much of a risk as far as the banks were concerned because if the borrower defaulted, they had a home and land that covered the loans. if it doesn't make dollars, it doesn't make sense. They knew what they were doing and took a risk, with the operative word being risk. Those who practiced such a policy need to fail and not be rewarded with a bailout.

I'm glad? you ...
I'm glad? you finally conceded :)

I must confess... I ...
I must confess... I love the voices in? my head... it's the circus horns that get to me though

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