The below story is written by a top financial analyst and she makes it so we can understand the Big Banks Crimes. We need more of these type stories published and will be glad if you forward me some.
In the Spring of 2007, Wachovia gave Novastar another 100 million so they could continue to rake in high profit sub prime mortgages for securitization. Novastar knew the game was up and the snared borrowers with a vengence. Mortgage brokers were given the best incentives for writing the worst loans they could fob off on a borrower.
Mortgage brokers were starting to starve and lose their own homes even, so they had great incentives to defraud borrowers with lenders permissions even.
In September 2007 Novastar could write no more, unfortunately I was gigged in late June and July.
Anyway, The story below is an excellent one.
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