You Have Gotta Love The Mortgage Lender Implode-O-Meter

It is sad really.  Millions of Americans are losing their homes.  Most of these loses are simply unjust because borrowers were enticed into programs that have harmed them.  The lenders should have known better.  I would contend that they did know better, they thought they could just pawn the loses off on others.  Well, at least one website is gleefully tallying the number of these outrageous lenders that have run into trouble themselves.

As reported byThe New York Times newspaper, The Mortgage Lender Implode-O-Meter has become so recognized that at the recent Mortgage Bankers Association conference, a speaker addressed how to stay off the website.  “No one wants to be number 266,” said Jim Reichbach, a vice chairman and leader of Deloitte’s banking and securities team. “This is a death toll that is equivalent to the casualty ticker of the Vietnam War.”

When you see so many honest people that have been duped in a way that has cost them their homes, and you have seen what mortgage lenders have tried to do to the bankruptcy laws, it is hard not to feel excited watching these blood suckers parish due to their own schemes.