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World Of Trouble

February 15, 2009 4:00 PM

Three years before the housing market crash, Paul Bishop says he warned his superiors at World Savings that many of the mortgages they were granting were misleading and predatory.

World Of Trouble
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by willietellthetruth October 6, 2011 3:07 PM EDT
I know a sales rep at world during this time,I asked her the same thing that everyone else were asking,How can you people doing this she said frick them we have numbers to make this month.She and 3 other top selling sales people her another person in her office in New Jersey and 2 sales people in Ca were so hell bent on beating eachothers number the had paper mills making up documents,I saw this with my own 2 eye,The Sandlers and the 5 top sale people should have be in jail they knew what they were doing.
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by GGLAMANCHA May 29, 2010 12:39 AM EDT
I HAVE A "PICK-A-PAYMENT LOAN ORIGINATED BY WORLD SAVINGS AND MY DEFERRED INTEREST IS PILING UP. I WAS TOLD I COULD GET A FORENSIC AUDIT AND UNDER THE T.I.L.A. ACT I COULD BE REFUNDED MY FEES AND THE DEFERRED INTEREST AMOUNT. DOES ANYONE ONE KNOW OF SOMEONE WHO COULD DO THIS PRO-BONA SINCE I AM ONLY ON SOCIAL SECURITY AND AM DISABLED. I WANTED THE SAME LOAN AS I HAD WITH WORLD WHEN I REFINANCED WHICH DID NOT HAVE DEFERRED INTEREST AND WAS TIED TO THE "COST OF FUNDS INDEX" BUT WORLD TOLD ME "THEIR" PRODUCT WAS THE SAME. I REALLY NEED HELP GGLAMANCHA@HOTMAIL.COM
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by Jespino09 May 9, 2009 11:21 PM EDT
While Bishop is correct, he should have made the call. Still, no one forced anyone to accept loans they knew they could not afford. As for the Sandlers?, they knew and they didn't care. Not surprising since the bottom line is still more important than doing what is right. It's sad in every which way really.
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by cg37102006 February 25, 2009 11:39 AM EST
I think the facts speak for themselves. Like Bishop said, Wachovia is no more, due in large part to the loan portfolio they bought from World Savings was full of junk. Loan officers just were trying to push loans out the door. Period. This is what you get when greed runs amok. This company was not the only one doing it. Pretty much the whole financial system had dollar signs blinding them to common sense and reality. Thus you need regulations and enforcement. The free market cant be free otherwise you have economic collapse.
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by jussayno01 February 18, 2009 5:22 PM EST
...And after ''05, those "weekly audits" Mr. Sandler made reference to were just "sugar and spice and everything nice". Meaningless.
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by jussayno01 February 18, 2009 5:20 PM EST
Mr. Bishop is correct and is speaking the truth.
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by ownuptoit-2009 February 18, 2009 4:04 PM EST
maybe i''m asking too much for people to have some common sense. if you as a consumer already know that you cannot afford it and yet you continue to go on the same path and continue to borrow ultimately what do you think will happen. sure we all know there is enough blame to go around but to say that i''m an innocent bystander is hogwash.
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by w951fez February 18, 2009 7:52 AM EST
The individuals who chose to blame the borrower either don''t get it or don''t want to get it. While there is more than enough blame to be shared between borrower and lender, ultimately offers of mortgages should not have been extended to people who simply did not qualify.
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by ownuptoit-2009 February 18, 2009 12:39 AM EST
funny how the banks forced these people to take these loans, pull cash out...and when the money was spent and gone...well, i guess the bank forced them to spend it on themselves too. time to grow up and take some responsibility for your irresponsible behavior. guess who is bailing you out??...we the american tax payer.
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by retiredrob February 17, 2009 8:53 PM EST
World Savings were at fault just like many doing the same thing. A huge part of the blame needs to be on the customers who were buying/living in houses that were over 3 times their yearly income.
The same people were driving vehicle less than two years old, belong to a country/golf club, have a child taking dance, eat out 3-4 time a week and owe over 20K on credit cards. Now really who is to blame??????????
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