Dear James, Daniel and Emily,
I ran into 2 different articles yesterday that really got my blood boiling. It seems that some of the same mortgage brokers who helped get our economy into this dreadful mess with all of the horrendous subprime loans are now finding ways to get rich from the same source, selling mortgage fixes. This is just horrendous in my opinion. I know that there will always be some scam artists out there finding ways to make a buck. But this is really over the top.
Here are story one and story two. There are two reasons this just feels so deeply wrong. First, just the idea that these scum bags who got wealthy based on predatory lending practices that got us in trouble are not serving time or at least digging ditches some where ticks me off. And to find out that instead they are finding ways to get rich off the exact same victims they screwed over in the first place is really dreadful. Second, the idea that the people they are 'helping' are truly not being helped, and in fact face the exact same problem a few years down the road, unless the housing market rebound dramatically is just as sickening.
I often joke about 'Come the Revolution' but honestly some times when I read stories like this I have a deeper understanding for those people who think that is necessary. There's a fundamental sickness/failure in a system when the people who got rich creating the problem will now get rich 'helping' people out of trouble. And they won't really get out of trouble in the long run, so all this is is a band aid waiting for some phantom fix to mystically occur.
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