These men devised a plan to create really shady mortgage and high risk loan products and offer them to the most economically vulnerable members of society. The men knew that the mortgage and loan rates would adjust in approximately five years placing the economy in jeopardy but until that day arrived, they would make a financial killing and their political friends could boast of a booming economy and increases in home ownership.
These men also knew that the millions of homes lost to foreclosure could be picked up real cheap, later.
The men knew that at the end of five years their plan might be discovered but they also knew that by then:
- no one would understand what had happened;
- no one would believe that this had been planned; and,
- no one would ever be prosecuted.
They knew that when their plan was finally exposed their millions would be resting comfortably in off-shore banks and the government would have no choice but to throw billions of dollars into the market in order to stave off a depression.
These men knew that by the time that their house of cards came tumbling down their political friends would be out of office and the whole mess would be someone else's problem.
And oh by the way ...
their friends in the oil industry had their own plan. There's a lot of cheap shoreline property available these days.