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How Bankers Seized America through Liars' Loans and Accounting Fraud

By       Message Barbara Peterson     Permalink
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opednews.com Headlined to H4 5/7/09

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When I refinanced my home through Ameriquest, the loan officer said something that seemed quite strange to me. He asked me if I wanted to qualify for the loan using "stated income." He explained that this would simply require me to state my income without the need for verification.

I thought that this method of loan qualification was crazy because anyone could lie and get a loan. I didn't lie, and gave him the correct information because it was simple, and I just couldn't resist because I was curious to see how this worked. It went through. I just stated my income, and got the loan.

I have never ceased wondering how many people lied to get a loan that they simply could not afford. This video explains how and why the bankers used this outrageous loan qualification process.

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Barbara H. Peterson is retired from the California Department of Corrections, where she worked as a Correctional Officer at Folsom Prison. She was one of the first females to work at the facility in this classification. After retirement, she went to (more...)
 

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