If you want to understand why the Occupy movement has found such traction, it helps to listen to a former banker like James Theckston. He fully acknowledges that he and other bankers are mostly responsible for the countrys housing mess. As a regional vice president for Chase Home Finance in southern Florida, Theckston shoveled money at home borrowers. In 2007, his team wrote $2 billion in mortgages, he says. Sometimes those were no documentation mortgages.
On the application, you dont put down a job; you dont show income; you dont show assets, he said. But you still got a nod.
If you had some old bag lady walking down the street and she had a decent credit score, she got a loan, he added.
Theckston says that borrowers made harebrained decisions and exaggerated their resources but that bankers were far more culpable and that all this was driven by pressure from the top.
Click for Full Text!