Earlier this week I took a whole lot of heat from friends and colleagues who thought the quote attributed to me was a bit over the top. The problem with my critics is they just don’t get it. They’re living in a delusional fantasy world. They are naive and misinformed….and the issues are just too far under their pay grade. But just read a quote from an expert high up on the food chain and compare his quote to mine…..dead on the same….right?
“You’re not talking about improperly stapling together two documents; you’re talking about systematic fraud in the system,” said Neil Barofsky, the former special inspector general for the U.S. Treasury’s Troubled Asset Relief Program. “What this shows is that before the financial crisis, the banks were essentially lying to the purchasers of the mortgages about the quality.” (Barofsky Article)
” What you are seeing is chaos in the entire financial system,” said Matthew Weidner, a St. Petersburg attorney who helped shed light on unethical acts by bankers and lawyers to speed foreclosure processing. ” The robo-signing crisis is just a symptom of that. Banks have not yet figured out a way to undo the wrongs they caused by failing to follow their own underwriting guidelines and rules back in the boom. (St. Petersburg Times)