Mr Cooper Group Inc (COOP)

[jpm_sux]

No.

The whole economic collapse was caused by greed. Financial institutions were so focused on making money by making loans to people and then packaging them up and selling them to hedge funds who remarketed them as derivatives and hedged their positions with insurance from AIG and the others. The bottom line was that in the rush to the trough they decided that due diligence and the proper screening of loan applicants stood in the way of profit so they pushed that responsibility off to unlicensed loan brokers who themselves had a vested interest in the form of commissions while at the same time having zero risk of being prosecuted for not ensuring that loan applications were truthful.

The whole fiasco appeared to be working out for everyone involved until it bacame apparent that the value of backing assets was nowhere near as valuable as the loans that were made.

The sad part of all of this is that 99% of those involved who profited from these schemes walked away scot free and now the American taxpayer is being forced to make up the difference. Keep in mind that only about 25% of the American public actually pays taxes so if you paid taxes the last two years you are the one being scr*wed.