Ask the, (ahem) experts

What exactly makes someone an expert?

ex·pert: having, involving, or displaying special skill or knowledge derived from training or experience

This NPR story tells how “reformed” subprime brokers are using their “special skill or knowledge derived from training or experience” helping out FBers (Fucked Buyers – who they helped to fuck, BTW) with the onerous terms of the loans they sold them, in order to keep them in their homes, and perhaps assuage some of that guilt over their long-gone blood money. The irony is stultifying.

One Bailout Biatch in this tale was formerly with New Century. She “earned” $500,000 one year, owned a boat and three homes- all since reposessed by the lenders, presumably.

Another ex-douche broker:

Anthony Narag worked as a loan officer for several different mortgage brokerage outfits in Southern California. He says everybody in the industry knew there was fraud all over the place: “It’s almost like baseball with steroids. They knew about it, but they didn’t do anything about it.”

”                   “*

Narag says he also observed brokers printing fake bank statements or other income documents, and that there was a black market for these items. Everybody — including the lenders and banks buying these loans — looked the other way, Narang says, because the money was so good.

”                   ”

Narag got into the business himself after buying his own house: He saw that his loan officer wore shorts, didn’t work that hard and raked in money. So Narag quit his job as a sales manager and was soon making $10,000 to $15,000 a month easily — without gouging his customers, he says. Brokers who did gouge their clients could make much more than that, he says.

He says. Read the entire piece for more gruesome hard luck tales of brokers left with thumbs inserted in their anal cavities when the music stopped playing. Oh, and listen to the audio piece too… amazing.

The more I read about these sleazebag mortgage brokers the more I am reminded of David Mamet’s Glengarry Glen Ross- another sordid tale of people pushing real estate lies on gullible suckas who couldn’t afford it.

Life imitating art, or the other way ’round?

* Grammatical indicator for “I’m speechless”


“What ten good men can do easily,can be undone by one bad man.”

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