Saturday, October 9, 2010

Michael Hudson on Boiler Rooms and Foreclosure Mills

I just discovered there are 2 Michael Hudsons. How wonderful! It was like when my son discovered that he had 2 blankies and was happy about the discovery! (1 was always hidden as an emergency backup, until it was discovered).

One Michael Hudson is a journalist and one is an economist. I like them both very much!

The journalist Michael Hudson has a new book out, which is plugged at the end of this short essay he wrote on the foreclosure crisis.

Here are a few excerpts from the essay by the journalist Michael Hudson:

"On the front end of the process, for example, many mortgage pros used “boiler room” salesmanship to peddle loans to borrowers who didn’t understand what they were getting and couldn’t afford their loans in the long run. To make these deals go through, some workers forged borrowers’ signatures on key documents, pressured real estate appraisers to inflate home values, and created fake W-2 tax forms that exaggerated loan applicants’ earnings.

At Ameriquest Mortgage, one of the companies I focus on in my new book about the subprime mortgage debacle, The Monster, this sort of cut-and-paste document production was so common employees joked that the work was being done in “The Lab” or the “Art Department.”

The economist Michael Hudson also has a new must read work. The economist Michael Hudson's latest essay can be found at Counterpunch and is titled

"Who Needs an Army When You Can Obtain the Usual Objective (Monetary Wealth and Asset Appropriation) Simply by Financial Means?"
Why the U.S. has Launched a New Financial World War -- And How the the Rest of the World Will Fight Back by MICHAEL HUDSON

Both are Exellent reading!

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