FICO Is A Four Letter Word

THIS IS THE BOOK THAT FINALLY EXPOSES THESE CAUSES AND THE CULPRITS OF THIS SO CALLED SUB PRIME FIASCO. THIS BOOK WILL IDENDIFY BOTH THE HEROES AND THE VILLIANS. IT NAMES NAMES AND EXPLORES THE HISTORY OF CONSUMER CREDIT AND THE REASONS FOR ITS RISE AND FALL. AND THERE IS A SMOKING GUN. IT'S THE HUNDREDS OF THOUSANDS, IF NOT MILLLIONS, OF BAD LOANS NOW OUTSTANDING. MADE ON THE PREMISE THAT CREDIT SCORES BASED ON INCOMPLETE, FRAUDULENT INFORMATION COULD SOMEHOW BE MEANINGFUL IN A POSITIVE WAY. LOANS APPROVED AND FUNDED ON THE BASIS THAT FICO SCORES HAD SOME VALIDITY AND SOME CORRELATIONS TO THE CREDIT WORTHINESS OF CONSUMERS IS A MAIN CONTRIBUTOR. THESE LOANS HAVE BEEN THE CAUSE OF LOSSES NOW REACHING FOUR TO FIVE HUNDRED BILLION DOLLARS TO THE INSTITUTIONS INVOLVED, WITH ESTIMATES OF POTENTIAL LOSSES NOW EXCEEDING AN AMOUNT OF MORE THAN ONE TRILLION DOLLARS. THIS IS THE PRIMA FACIE EVIDENCE THAT IS THE SMOKING GUN. THESE MASSIVE LOSSES AND THE BASIS UPON WHICH THEY WERE FOUNDED IS INDISPUTABLE. IN ADDITION TO THE DIRECT LOSSES OF THOSE THAT GENERATED THESE SECURITIES THERE ARE TRILLIONS OF DOLLARS THAT HAVE BEEN LOST IN THE STOCK MARKETS AS A CONSEQUENCE OF THESE ACTIONS. NOR DOES IT SEEM TO INCLUDE THE VAST LOSSES SUFFERED BY THOSE PURCHASING THE SECURITIES PAWNED OFF BY THESE HUCKSTERS.THIS BOOK DELVES IN THE WHY AND HOW IT WAS POSSIBLE TO CRIPPLE THE GREATEST FINANCIAL SYSTEM EVER DEVELOPED. HOW GREED, IGNORANCE, INCOMPETENCE AND EVEN CRIMINAL CONDUCT BY THOSE INVOLVED HAS BEEN YEARS IN THE MAKING. THE PLAYERS WILL BE IDENTIFIED. AMONG THE MOST PROMINENT WILL BE THE CONGRESS OF THE UNITED STATES OF AMERICA. HOW AND WHY THEY WERE COMPLICIT. ALSO HONORED FOR THEIR GUILT IN COMMITTING HIGH CRIMES AND MISDEMEANORS WILL BE THE BANKS, THE INVESTMENT BANKS, THE STOCK BROKERS, LOAN BROKERS, THE HEDGE FUNDS AND ALL OF THE OTHER CO-CONSPIRATORS.AS THEIR PARTICIPATION IS EXPOSED AND ANALYZED, IT WILL EXPOSE THE PART PLAYED BY THE RATING AGENCIES. MEANING THE NATIONALLY RECO