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

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  1. #11
    Join Date
    Jun 2006

    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.



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