Posted by John_NorCal on 9/14/07 12:12pm
Msg #211002

Greenspan didn't see this coming????

Just came across this article in which Alan Greenspan admits in an interview that he didn't see this mortgage debacle coming! What the h____ was he doing? Sticking his head in the sand?

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/09/13/national/w100040D68.DTL&hw=greenspan&sn=001&sc=1000

Be sure to highlight the entire link and the paste it into your browser.

Reply by Stamper_WI on 9/14/07 1:03pm
Msg #211020

Perhaps he wasn't privy to the promises of the LO's and the documents at the signing table. Anyone in our position could start to wonder at least 2-3 yrs ago. How many times did your hear borrowers quote the scripted "Our LO said he would help us refinance in 2 yrs". Yes scripted. Some of these originators had 2 weeks of training and were given scripts for virtually any objection.
Supports my theory that the prequalification for some of them (LO's) was a part time job at the GAP.

Reply by ME/NJ on 9/14/07 1:44pm
Msg #211038

Sure one of the smartest men around did not see this.. I have a bridge for sale..lol

Reply by John_NorCal on 9/14/07 2:05pm
Msg #211042

How much for the bridge? A dollar 380? n/m

Reply by LisaWI on 9/14/07 2:47pm
Msg #211048

Re: LOL John around here it would be a buck 280 n/m