There is no way to measure the number of people who took out mortgages they knew they couldn't afford, of course, but for what it's worth, a 2007 report by the Mortgage Bankers Association reports that the FBI estimates "80 percent of all reported fraud losses arise from fraud for profit schemes that involve industry insiders." That means the lenders, not the borrowers.
Just imagine the flights of fancy that the theory of borrower malevolence and Wall Street victimization requires conservatives to take: All these no-account folks, you see, got together and forced investment banks to engineer subprime mortgages into highly leveraged securities. Then they tricked all manner of hedge funds and pension funds and financial institutions into buying these lousy products. Just for good measure, these struggling homeowners then persuaded bond-rating agencies to misrepresent the risk associated with these securities.
Now imagine what such a fantastic scheme, if true, would mean for capitalism itself. This economic system, glorified by all, dominates the globe today, bidding prices up and down, forcing entire nations to change their ways to better suit its needs, and yet it is so fragile that when challenged by the weakest members of society and a handful of community organizers it simply crumbles. Thank goodness the Soviets never figured this out.
The primary tool will be a toll-free phone number, 1-866-OUR-VOTE (and its Spanish counterpart 1-888-VE-Y-VOTA), a nonpartisan confidential voter services hotline.
"All voters, this is your lifeline when it comes to information around voting. If you have any questions, any problems, any rumors … this is where you should turn," Barbara Arnwine, Lawyers’ Committee executive director said. "You can’t dial it enough.
The hotline’s web component, 866ourvote.org (veyvota.org in Spanish) allows voters to share their polling place problems.
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