Banks Purposely Gave Bad Loans To Minorities w/ John Mattes of

now i would like to talk a little bit
about syllabi pull who children punished for the colossal errors that they made a
judgment that led to our economic class put aside
their awarded going to help us do that is john mats why he is that reporter and their report
that i work within the past and he does a website investigative guide dot com
john wiley and perks how you doing zip export actual up but i’m not going to
twelve mr rubin but no appellate that so let me ask you
about that bob rubin of course trade center and a booklet winds up
deregulating the banks right at the end of uh… his exit or helping to facilitate
that process helping to facilitate it would be a kind word would be a hamas
off kleiner characterization of what he did for stop
what’s what’s dot back put him back at goldman sachs before he
comes over to be secretary treasurer then secretary starting in nineteen ninety
five he starts speeches about we need to repeal are banking regulations from the
depression now remember we haven’t had a banking crisis since glass steagle with a nap but he’s decided as of nineteen
ninety-five we’ve got got to get rid of it quote of the banking industry’s
fundamentally better than it was two decades ago let
alone in nineteen ninety-three and nineteen thirty three then he’d state categorically that the banking regulations from the
depression imposed unnecessary cost and may providing financial services less efficient and the quote might be a safety concern for bankers starting in nineteen ninety five heats up on a crusade the deregulate banking now we move through the various attempts
and meddle with the republicans were in on
the game too you fast forward to the numerous
attempts in congress with alan greenspan over at the federal reserve pushing it
forward then finally in nineteen ninety nine after
twelve temps in congress all of the banking to deregulation is passed and what happens to robert rubin just coincidentally weeks later he jumps the ship enjoined citibank which has announced that it wanted to
merge with travelers which it wouldn’t have been able to do
under the old regulations self the deregulation that he pushes
forward allowed him to jump over the city crews to what becomes citigroup and
then he becomes counselor uh… on the board of directors and exchanged at parker all the time raking in millions in stock options and of course we know the track record they lost seventy percent of their value
you fast forward to two thousand eight and he has taken
home almost a hundred and twenty six million
dollars out of the bank while the bank is lost all ald and i quote for money because we bailed them out sala focus on
that same because argument rueben had was know the banks will work better they
will be more stacey koon and i think a lot of throughout if we deregulate and
so how badly how much money did citigroup
blues as robert rubin was maybe a hundred
twenty six million dollars seventy percent of their value seventy percent of the value self without bailouts of tens of billions of
dollars we have to put that money back in
material because as of take effect in nineteen ninety five when
he said that deep banking regulations cont feasibly impede safety and soundness limiting revenue through persecution he’s claiming as of nineteen ninety five
that it’s on safe have banking regulations now patrick that worked out how many how many years so we have safe banks from the depression up till nineteen ninety nine how long does it take him and his friends it’s city cryptic got
our banking system west once once we’ve taken away the regulations they really are like kips with with candy i mean they can’t get enough he takes
out a hundred twenty six million arab banking system collapses in a span of less than ten years i mean really breathtaking this whole thing was pol pot so it’s just a little better why they
got rewarded and supplements that i wouldn’t do that also within the context
of another story you have on your website about washington mutual and their ceo
wamu yet so it’s about a white all bap does that well but the one that big of a
good bit of a dead well so tell me what i have a little while move court role
one by one night squire driven hidden in the northwest and then you decide you know what with
target africans americans loans that we wouldn’t felder anybody
else what prize them let’s get agreement on an analyst at our
sales staff out there so it remember because now with deregulation now with
the end with a lack of supervisory a capability of the federal government but
will get to that limit wamu or watch a mutual decide they’re
going to sell all conjul most everybody there dot but i wanted a house help carry it to you you can’t even spell the word out here
going to find out and you’re going to find out of three car garage the granite countertops are gonna get
the whole nine yards and how they get it rather simple implode breathtaking in the old days you put twenty percent down for you
house and you went through rigorous would be the polite word for the kind of examination they did if
your finances along comes wamu in others and may really bring to the forefront something called
liar loans what they are as income stated loans you walk into the
bank and the banker says but how much you’re
making your hairdresser infect three thousand dollars guaranteed to
just write that down on a piece to paper and i’ll believe you so when lou took in a low income people mall supplied if the polite word they thick cock and pave document to make you qualify for a loan this is starting in the early two
thousand two two thousand three two thousand four bite two thousand and wamu which controlled almost a third of the air
loans and all these peter loans a foot of the market in the united
states percent of the loans that were audit in some of their branches were
fraudulent so what they did is we took someone who
couldn’t afford a house couldn’t afford a trailer walked them in the front door because
they’re going to make a commission on that loan they’re going to the fees and the brilliant thing about it was they’re not only going to make the peace
but he heals going to make his hundred million but they’re going to then felt them to their friends to the wall street there’s no skin in the game so they know
those loans are going to blow up because they know they hairdressers
making the money they know by their own internal audit six-speed eighty percent of their loans fraudulent in two thousand when i started reporting wireline trying
interviewed c_e_o_ of a mortgage company here in southern california nine two
baja could you do that how can you change peoples income on your loan documents appeal legal reps
bank fraud that’s that federal perjury how could you do that he could everyone
does it called wireline so what women did was create a system
where every single one of these incomes paid a lot of they know they’re going to blow up
because eight they work teaser loans so they can had an increased rate coming up on them in p they know the people that hairdressers the people that worked in construction
couldn’t afford beat eight hundred thousand dollar homes all equipped so they knew they were
going to blow up and shot celebrates your you know you gloss over split is very important how much did you say this yo terry kill injure maybe in the last
five years as they were doing this lessons fraud in and and in essence not hundred million now what i thought people who didn’t
score got arrested i think now there would be go on and they get to sleep knowing about it so what’s wrong with
that system electorate but the work week paper prop to supervisor so we have the office of thrift trapped her supervision what her name opr felt like off-track
betting to me but op and it was like betty you paid them to supervise you and according to a senate report according to reuter’s conventional
wisdom they were to providing any body no one was watching what was going on at
wamu everybody knew about it in two thousand
sexually troubled reporting on this and i started asking my colleagues half of them would figure out when i
went in for a long enough change some of my document romantic get him to get a ride again so it was common practice but anyone at washington mutual
receiving group ever again arrested fine punishment any way shape
or form for any of it and about how many people get prosecuted by local d_a_’s for
writing a bad chuck allot do you know and you could please pick billboards and
d_a_’s re-electing emer low-income people the right at that
check but no no one had civic group noi city bank no-no wamu single person was hauled in front of a
federal grand jury for bank fraud much less securities fraud much less criminal violation not a single one out of all of these pens of thousands of toxic fraudulent lulled not only did and think about the human impact human
impact is insult someone a house that you knew what was going to
explode on them you know that they’re going to be foreclosed you know that they’re going to be pushed
out on the street lose their credit and yet did it anyway because you made a commission and a c_e_o_ made a hundred billion
dollars and not a penny of that has come back to the american people dumb as has been investigating this for
a long time especially a liar loans even before the collapse came in his
website is investigative guide dot com john thanks for to refer to report thank you sir

22 thoughts on “Banks Purposely Gave Bad Loans To Minorities w/ John Mattes of

  • White collar crime in north America is OUT OF CONTROL!
    It seems like I get fucked over at least once every 2 years by some company.. and they always get away with it.
    I call bullshit.

  • "Rubin and friends… are like kids with candy". More like kids with guns and sledgehammers. Bank fraud is fraud – except when it's from a bank, then it's not a crime! And the CEO's and other perpetrators aren't Mafia henchmen, they're smart, connected Ivy League white guys – so again, there's no crimes worth reporting!!
    Unless the government steps up to its responsibility and goes after these crooks, we'll never recover from their greedy excess.

  • Sub prime loans where created as a government plan to provide housing for those who otherwise could not get a loan, and the plan was working out great, less than 5 percent delinquency rate. Now the problem is that people will never again be able to get home loan without assets. Next time instead of blaming sub-prime loans blame financial engineering and excessive leverage

  • This guy is WRONG!!!, 95 percent of sub prime loans where being paid on time as of July 2007, dont believe the hype! In the late 1990s the government under political pressure came up with the idea of giving loans at affordable rates to people with low income and no assets.

  • @audadvnc Didn't you know that fraud has a dollar limit, beyond what the hundred million mark it becomes normal business practice.

  • @EGC69X-Damn right..Only the superficial idiots (mostly blame ignorant Repubs) don't understand what happened thoroughly. CRA was working exceptionally until the banks started secretly redlining forcing the reaction from Reno so the banks started purposely selling bs loans to people and "Raines" (unfortunately a fraud Dem) who forged the numbers for profit which fooled the (D)'s into deregulation-then Bush comes in and raises leverage to 40x on purpose to support derivatives and default swaps.

  • the reason banks gave out bad loans was because the government was forcing them to. (ex. years ago government passed a bill saying you had to approve anyone who wanted a loan for a home because they said everyone had a right to a home). guess what government, not everybody can't afford a home

  • @twk373 Every country has government backed high ratio loans guarantee's it's only America that abused it and ruined it. Without these loans homes in America would be worth next to nothing, oh wait they are worth next to nothing,..LOL at America

  • @harr77 don't take my freedom!! Socialist bastards! Oh wait I have no freedom the big businesses I so worship are robbing me blind and my American government is breeding the heads of these companies with my tax dollars. WAKE UP AMERICA YOUR GETTING SCREWED BLUE BY YOUR OWN PEOPLE.

  • @LexPhilogus That's all you've done the whole time, dipshit. You're so dumb you couldn't figure out that I was making fun of you? Holy shit you're stupid. Just pathetic.

  • @devourerofbabies "You were the one who started insulting me"

    Nooooo, I said something about your username (not insulting), and then YOUUU called MEEE a "fuckwit."

    I pointed out a logical inconsistency.

    You name called in a childish manner, the same way you're doing now.
    LMAO!! Look at this kid. He can't tell the difference.
    Did them chips taste good when you were a baby devourer of paint?

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