Sunday, July 27, 2008

The world according to Sam "Eyebrows" Donaldson

"The mortgage crisis isn't caused by Fanny and Freddie, it's all those low life salesmen pushing unaffordable mortgages on poor people who don't know any better" said Sam on the ABC Sunday pundit show.
This is the long time TV newsie, bane of Republican presidents, talking. Talking through his hat. Only because Fanny and Freddie and some brain dead brokerage houses buy toxic waste mortgages do the low life salesmen bother to sell them.
When a borrower defaults on his mortgage the lender takes a big loss. Repossessing the house doesn't help the lender. They won't be able to sell it either. Borrowers with more than two brain cells firing will attempt to sell the house before giving it to the bank. The banks only foreclose on the houses that won't sell. But, if the lender has sold the mortgage to Fanny or Freddie or a brokerage house, he doesn't care, he doesn't own it anymore. The low life salesmen only exist because there are bigger suckers (Fanny, Freddie and the brokerages) out there. Turn them off and mortgage lending (and house prices) will return to reality.
When Sam blames lowlife salesmen instead of the real villains, it shows how ignorant the newsies are.

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