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Thursday, May 26, 2016

Trump’s mortgage bankster business

How Trump betrayed America

Donald Trump’s mortgage company was part of the carnival of greed that preyed on the American people by providing subprime mortgages to unqualified borrowers, a practice which led to the financial collapse in 2008 and the Great Recession that followed.

Hillary Clinton’s presidential campaign is making a major push to bring up Trump and his role in the business that led to billions in bailout costs for the American taxpayer.

Trump wasn’t just on the outside of the scheme. His company was right in the middle of it.

Clinton’s allies highlight that Trump Mortgage approved subprime mortgages to unqualified borrowers. The mortgages were one of the key financial instruments linked to the crash.

Trump even handed out advice on how to profit from a crash like the one that would eventually occur and consume millions of jobs in America and around the world. In his book, How to Build a Fortune, Trump said, “If there is a bubble burst, as they call it, you know you can make a lot of money.”


Rep. Tim Ryan (D-Ohio), who will be part of the Clinton push, released a statement highlighting Trump and his role in the collapse:
“You don’t make America great by rooting for its economy to fail. While Hillary Clinton was proposing measures to ease the effects of the housing bubble on American homeowners before the crisis, Donald Trump was cheering on the market’s collapse and reportedly peddling sub-prime loans so he could try to get even richer.”
Once again showing that Trump’s so-called business sense is more big talk and bravado than anything resembling actual insight, Trump launched a mortgage business in 2005, even as warning signs began to emerge that the mortgage industry was about to soon face trouble.

Author Oliver Willis was one of the first political bloggers in the world (since 2000), and was among the first bloggers to interview President Obama at the White House. On Twitter @owillis and write at OliverWillis.com