Sunday, November 27, 2005

Criminal fraudsters at the Treasury Department & the FDIC?????

There were only 10,000 Manhattan residential real estate transactions last year.

http://www.nytimes.com/2005/11/27/realestate/27cov.html

Just like fraudsters a la the movie “Boiler Room” cheating unwary investors by pumping and dumping thinly traded pink sheet stocks, non-conforming mortgages end up having the same effect in the real estate market. Might be worth a look-see at the real estate investment activities of the folks at the Treasury Department and the FDIC who regulate mortgage lending standards for the national banks and the savings and loan. Been a mystery to me why they don’t act to stabilize the housing market particularly since most of them have children who’ll need homes.

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