Results 1 to 11 of 11

Thread: "Are we all still talking about the housing bubble? Stick a fork in it!"

Threaded View

  1. #11
    Join Date
    Jun 2006
    Posts
    3,863

    Default Re: "Are We Still Talking about the Housing Bubble? Shit! Stick a Fork in It."

    Quote Originally Posted by DemonD View Post

    Yes, the bubble is bursting, but there are still tons of fraudulent, unscrupulous, shady deals happening. Until I'm not competing with convicted felons getting easy loans and selling them to their buddies 5 times in a year where they all profit, last guy in takes the hit and gets foreclosed, then no way will I be willing or able to buy a house.
    Just for a reference point, is the following news item

    Former NFL Player Charged In $42mil Mortgage Fraud Scheme

    Former NFL defensive end xxx and four other men have been indicted on charges they allegedly collaborated in a multi- million dollar mortgage fraud scheme. Along with xxx, now a sports agent, the 12-count indictment includes an attorney and real estate developer, two bank loan officers, and a real estate appraiser in the charges.
    .
    .
    .
    The mortgage fraud scheme allegedly reached every aspect of a real estate loan: seller, buyer/borrower, loan officer, appraiser, escrow officer, and title company.
    .
    .
    .
    The scheme was the same at each bank, according to the indictment – collusion between the seller, buyer/borrower, and lender to lend more money than the property was worth, and thereby reap personal profit. Most properties were appraised by the same appraiser and all closed at the same title company. The indictment alleges the loans to have been made between September 1, 1999 and April 5, 2001, and to have taken place at yyyy Bank of zzzz, Bank of hhhhh, and XYZ National Bank. The value of all the loans made by the Defendants, pursuant to this alleged scheme, totaled more than $42 million.
    .
    .
    .
    Defendants xxx and yyy allegedly induced the loans based on false representations as to the value of the property and the distribution of the loan funds. They did so, according to the charges, with the assistance of two former bank loan officers, Defendant A and Defendant B. The two men are accused of facilitating loans to unqualified lenders, and for amounts in excess of the properties’ values, in exchange for loan proceeds diverted to themselves at the closings. They kept their allegedly unlawful conduct a secret from their employers, who were the ultimate lenders.
    Last edited by Rajiv; 06-21-07 at 08:53 PM.

Bookmarks

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Opinions expressed herein are those of the posters, not those of iTulip, Inc., its owners, or management. All material posted on this board becomes the intellectual property of the poster and iTulip, Inc., and may not be reposted in full on another website without the express written permission of iTulip, Inc. By exception, the original registered iTulip member who authored a post may repost his or her own material on other sites. Permission is hereby granted to repost brief excerpts of material from this forum on other websites provided that attribution and a link to the source is included with the reposted material.

Nothing on this website is intended or should be construed as investment advice. It is intended to be used for informational and entertainment purposes only. We reserve the right to make changes, including change in price, content, description, terms, etc. at any time without notice. By using this board you agree that you understand the risks of trading, and are solely responsible for your own investment and trading decisions. Read full legal disclaimer.

Journalists are not permitted to contact iTulip members through this forum's email and personal messaging services without written permission from iTulip, Inc. Requests for permission may be made via Contact Us.

Objectionable posts may be reported to the board administrators via Contact Us.

-->