After the smoke has cleared, the trillions of dollars of mortgage fraud exposed, and an incredible amount of people charged with crimes and in jail, we'll all shake our heads and wonder how the heck it happened.
Where was the media? Where was law enforcement? Where was congressional oversight? Where were Freddie and Fannie? Why did nobody care?
The Chinese and hedge fund bagholders of these commoditized loans are going to be devastated.
The real estate scheme involving a Cape Coral police officer that cheated investors out of nearly $30 million is the first of its kind in Lee County, one official said.
“Honest-to-goodness, I’ve never heard of anything like that happening here before,” Richard Barnes, Lee County sheriff’s detective in the economic crimes unit said. “It’s mind-boggling that it was as big as it was and it went on for as long as it did.”
Barnes said the majority of large-scale economic crimes in the county happen with people obtaining deeds to property owned by the deceased and then selling it.
“But to have something like this, it seems like a pretty elaborate operation with a lot of people involved,” Barnes said. “It’s not something I would say is typical for Lee County.”
December 17, 2006
Out of control mortgage fraud: “It’s mind-boggling that it was as big as it was and it went on for as long as it did.”
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16 comments:
That pic looks like a realtwhores business card.
Where is Freddie and Fannie?
Get real, I tried reporting a suspected fraud to Fannie Mae yesterday. Twice my email was rejected by their SPAM filters. Next, I tried calling their fraud hotline. The lady answering wanted a prelimary report, but she didn't know what a liar's loan is. She said someone will call me in a few days...
You mean Andy and Barney down in Mayberry just detected this scam?
Every time I think we've heard the tip top of the mortgage scams, another one comes out. this has been going on for months now, each one "better" than the last.
Seattle had a doozy a few weeks ago similar to this one. Lenders using someone elses signature, unbeknownst to them, to "buy" houses for people with no credit. All parties now screwed.
What do we expect from the biggest scam ever perpetrated on the American public?
The fact that they got the average American to believe that homes are worth hundreds of thousands of dolllars...holy crap.
patch tuesday wrote:
"where is freddie and fannie?"
"...i tried reporting suspected fraud..."
good luck! it's like calling the immigration agents on a suspected mexican illegal and you will get the same answer with fannie mae.
sometimes i wonder if there's any more reason to pay my taxes.
sometimes i wonder if there's any more reason to pay my taxes.
You get to pay for bombing family homes in the midlle east.
I agree there is trillions of mortgage fraud but I think we need to break it down into its two key sub-catagories:
Rogue fraud:
The individual/small groups that exploit the weaknesses in the system as highlighted by this example. These people get arrested by the authorities & put in jail. The is element will amount to a few billion in the aggregate nationwide.
Institutional/systemic fraud:
The inherent fraud of the system which has caused the massive run up in prices uncoupled from fundamentals, the toxic/exotic mortgage pdt time bomb, etc. This one is in the trillion range. When this fraud comes home to roost the government will bail the banks out that set up this menagerie and new laws will be passed to close the weaknesses exploited. No one goes to jail, yet this is the fraud that will reek havoc with our economy and create individual tragedies on an unprecedented scale.
The common theme in both: The taxpayers will foot the bill.
In the photo on the right, she looks like NAR's New President: Pat Vredevoogd Combs. Maybe it's the hair.
But they offered me a Pizza!
What? White people going to jail??
Rebecca M. Hauck
Alias: SUZANNE!
I researched it.
"Honest-to-goodness, I’ve never heard of anything like that happening here before,” Richard Barnes, Lee County sheriff’s detective in the economic crimes unit said.
Honest to goodness? That's real tough cop talk fer sure. He must have transferred down there from the NYPD.
"Honest to goodness, I don't remember pulling the trigger 31 times."
My brother is a real estate broker. I have a suspicion that he may be headed for the pokey. I tried to warn him but he had something to prove. What? I don't know.
Just ran into a local realtor doing part time help at a discount store for Christmas!
Hmmm.....
The biggest fraud will occur when all the ARMs reset and the big banks are left holding the big bag. Most borrowers should have failed the ARM loan qualifications. These recent cases are just small lenders and small amounts.
That blond chick in the wanted poster is *so* hot I'd do her even if she's been dead for a week!
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