Economic Meltdown and The Bailouts
It’s kind of odd, NPR only covered this once, and then dropped it. What I’m talking about is a story NPR ran on May 14th 2007.
This story covered how Ameriquest employers claim the company pushed them to sell fraudulent loans to people who couldn’t afford them.
Ameriquest workers went so far as to create fraudulent documents for the first couple of pages claiming people where getting a fixed rate loan, when the rest of the mortgage contract said the interest rate was a variable.
If this issue was brought to light again, it could have a significant influence on the bailouts. Instead of bailing out unscrupulous lenders, maybe the Fed should be telling these companies, “refinance the loans at the original rate where the people could afford their mortgage.”
Let the mortgage companies eat the loss, not the tax payers.
It’s interesting because in Orwell Rolls In His Grave they assert there is a pattern of news agencies only covering a real story once and then dropping it, or not covering it at all.
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