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“Oh, and 13.1 million American people had their homes foreclosed. Because their debt, it turns out, was real; it was only the debt within the financial sector that was imaginary. It was only the people who generated the crisis who got three magical wishes from an economic genie. There was no abracadabra for ordinary people; they just got abraca-fucked.”
― Russell Brand

“The pain and shame felt are unknown to those with planned vacations. They know not of the tsunami that rescinded the homes, goals, and hopes of its victims—swallowed by the sea of greed.”
― John-Talmage Mathis, For the (soon) unemployed: You Against Them

“It was during my explanation to my young daughter that I finally realized why I had been drawn to this particular practice of law. Yes, some of my clients were just gaming the system. They were charlatans no better than the banks they were taking on. But some of mu clients were downtrodden and disadvantaged. They were true underdogs in society and I wanted to stand for them and keep them in their homes for as long as I possibly could.”
― Michael Connelly, The Fifth Witness

“Here are the top three warning signs [you're at risk of foreclosure]:
* You used to think nobody cared when your phone rarely rang. Then you missed a couple of house payments.
* You're glad gas prices have fallen so you can afford it if you have to move into your car.
* You're ready to say, "Let's make a deal" and trade your upside-down house for whatever's behind Door #3.”
― Kathryn Alesandrini, Cash Cow Casa: 51 Ways to Make Your House Pay YOU

“But in the new housing marketplace of the 21st century, everything had changed. People were getting rich, House values were soaring. There was no need for archaic processes values were writing or income verification. This was a new era. And no one wanted in on the profits more than Wall era. Ainvestment banks. They couldn't stand to sit on the sidelines and watch everyone else get rich. Making money was their game, and they not only wanted to play, they wanted to write the rules. And so they did.

And what did these "Titans of Finance" create? The "100-percent financing, No-Doc, Stated Income, Negative Amortizing" loan. I laugh as I write this. Literally, a person could wrap all those features into one loan. It was beyond comical. It was insane. And what do these terms actually mean?

� 100-percent financing: The buyers didn't need to contribute a single dime to actually purchase the house. They could finance it all, transferring all of the risk to the financial institutions.

� No-Doc: The banks didn't verify such silly things as job status or credit history. Nope. If you could sign your name, you could buy a home.

Stated Income: The clients told the banks how much they made. In other words, they lied.

â€� Negative Amortizing: The clients payments wouldn't be large enough to even cover the monthly interest, so the principle balance on the loan would increase each month, putting them further and further into debt”
― Patrick Kelly, The Retirement Miracle