May 17, 2007

The US: No longer a nation of laws as fraud, cheating and illegal acts go unchecked

Lying about your income on a "stated income" IndyMac Alt-A loan is pure and simple old fashioned mortgage fraud, and against the law.


Millions of Mexicans storming across the US/Mexico border are blatantly breaking the law. Employers who hire them are breaking the law.

Doing a "short sale" to get out of a pre-foreclosure property, then not reporting the short amount as income on your US tax return is tax fraud, and is illegal.

Submitting a knowingly false and over-stated appraisal to "make the number work" is fraud and is illegal

A realtor paying a mortgage broker an unreported spiff under the table is committing tax fraud.

Getting undisclosed cash back after closing is fraud and is illegal.

HELLO!!! DOES ANYONE GIVE A RAT'S ASS? ARE WE NO LONGER A COUNTRY OF LAWS? WHAT THE HELL HAS BECOME OF US?

We send flipping Paris Hilton to jail for 45 days for driving when she shouldn't have, yet we have real estate and mortgage crimes going on all around the nation, with trillions of dollars and the entire world economy on the line, and we don't care?

Anarchy reigns supreme. Your government has failed you, and continues to fail you. And you can thank the NAR and NAHB $$$ pouring into your corrupt congress for that.

What's going on should make you sick. And now we'll all pay the price.

19 comments:

Anonymous said...

...and then I'm the one from the third world country. Go figure!

Anonymous said...

I believe it starts at the top and permeates itself through pop culture and media to the point we are where we are today.
Everyday from Wall $treet to poloticians to local city council we see blatant in your face cronyizm,they dont even hide it anymore its in your face we the honest people of America have failed i believe we lost our backbone and let lawlessness prevail.

FlyingMonkeyWarrior said...

I think the Government is hypocritical. If you own the IRS as little as $2000.00, they relentlessly come after the debtor, but if the mortgage fraud is not in the millions, they just do not care, and do not pursue the offender. I spoke to a Federal Financial Fraud Agent, a division of the Secret Service, about just this yesterday, and that is the fact of the matter.
Why? Because in one case it is the 'so called' Government's money, in the other case it is our money.
Nut shell, Keith.

Anonymous said...

Arrest Casey Serin now!

Anonymous said...

If they arrested Casey they'd send a message that mortgage fraud will be prosecuted. Until they do everyone knows it's open season

Anonymous said...

So, if Paris has a cellmate, who will it be??? Probably her bodyguard...

Will she trade sex with the guards (yes the lezbos) for extra benefits? Will they run her sex tape 24-7 on the prison tv? Or will they force her to watch The Simple Life everyday? How long until Nicole Ritchie joins her?

Anonymous said...

I love Paris! I will always love her.

Anonymous said...

It's still pretty sweet to see that bitch Hilton get taken down a notch. Not as sweet as seeing Bush locked up would be, but you take what you can get.

Anonymous said...

wrong keith, paris is getting 23 days due to good behavior. the usa is a corrupt cesspool of liars, whores, theives and white trash. how do i get out?

Anonymous said...

"Doing a "short sale" to get out of a pre-foreclosure property, then not reporting the short amount as income on your US tax return is tax fraud, and is illegal."

I did a short sale on a property last year and negotiated about 32k off the mortgage (I paid $101, mortgage + legal fees was $133k). The lender sent the former owner a 1099, but not for the 32k they discounted, it was for almost 98k and no one at the bank could explain what the extra 66k was for.

The most this woman ever made in a year was about 25k.

The IRS looked at it as a gain from selling the property and allowed her to use her 1 time capital gains exclusion to offset the debt.

The bank new this so they screwed the IRS out of 66k in tax write offs.

Also what about the banks that don't 1099 for the debt forgiveness? Would you honestly volunteer to owe the government money??

Anonymous said...

Can I be Paris's cellmate?

kitchenstove said...

The rich and powerful have always gotten away with murder, but now that it's the masses doing it, it feels like total anarchy. The rich never followed any rules. We all aspire to be like the rich, wealthy, and famous, and this is the result. We watch them get away with everything so the sheeple think why can't we? Like Anon 9:42 AM said: "...it starts at the top and permeates itself through pop culture and media to the point we are where we are today."

Anonymous said...

The people of America will care about the fraud the minute they find out what the cost of fraud ends up being out of their own pocketbooks .What if you lose your savings over this ?

It's like the stupid people that don't realize that every time there is a disaster the insurance companies raise the rate and pass the price on to the public.

The massive amount of loans that were fraudulent(now defaulting ) raised the demand for real estate causing a false inflated market that is crashing . They ran out of unqualified buyers and flippers to be crammed into fraudulent loans .

Did the greedy industry people that profited by selling a RE greedy investment scheme to liar borrowers ever stop and think that unless they kept finding dumb borrowers willing to commit fraud,the gig was up .

Unqualified low down sub-prime borrowers ,short term speculators , flippers , and 125% refinances for equity addicts does not make a stable real estate market . This wonderful RE markets souring prices were as false as the liar loan packages that caused it to soar .
It wasn't about putting people into houses but rather a investment scheme that was mass-marketed Nationwide by the real estate industrial complex that was doomed to fall .
The RE agents and lenders justified this foul play of loan/appraisal cheating by the rah rah cheerleading campaign of "real estate always goes up ","you can't afford not to buy "
But what is actually true is that many borrower could not afford to buy and certainly not hold a property long term . Why did borrowers and their helpers lie ?Because they did not deserve a loan on their true merits ,and God forbid they miss out on appreciation or get priced out of the market .
Its the duty of lenders/realtors to prevent fraud not help the borrowers commit fraud for commissions .

The real estate people just could not stand to have a real estate market that was based on its true merits and they just had to keep the boom party going .

It's a serious crime to help bring on a real estate market crash .Its not nice to try to fool the debt Gods . People will lose tons of wealth over this ,but the commission people want you to think they were just helping people get a home, and now they are all screaming for tax-payers bailouts or FHA taking over these fraudulent loans .Poor victim borrowers , poor real estate agents and lender market makers that want the taxpapers to pay for their sins .The issue right now is how to take the heat off the true crooks that profited from the investment fraud scheme involving real estate and maybe millions of people .

Adam Smith said...

Anonymouse said:

Did the greedy industry people that profited by selling a RE greedy investment scheme to liar borrowers ever stop and think that unless they kept finding dumb borrowers willing to commit fraud,the gig was up?

Sure they did, and hence why the last few years of the market have been dominated by "straw" buyers, convoluted schemes intended to hide fraud, etc. Also why some agents/brokers would go to flea markets, looking for "bag holders" to shoe-horn into loans to take the depreciation fall....

The more things change, the more they stay the same: look at what happened in Florida's real estate boom/crash in 1926, right before the Crash of 1929. It's the same story...

Frank said...

Consumers routinely order products online, accept delivery of them, and then fraudulently dispute the credit card charge claiming "they never got it." They get to keep their product for free and the seller gets ripped off.

As a small business owner I have to deal with this crap all the time. Under our ridiculous U.S. consumer laws, there is *nothing* I can do.

If I go after these people aggressively, I run the risk of them filing FTC and attorney general complaints. Even if they're bogus, they can still cost me tens of thousands in legal fees.

So the consumers get to rip businesses off, the lawyers get to make a bunch of money, and the honest small business owners get screwed. (Of course this is not applicable to the big corporations who have all the politicians bought off.)

Business owners I know in the UK and Australia make fun of American business owners for having to deal with this kind of crap all the time

It's really gone too far.

see here said...

a kid gets caught with weed and he goes to jail (but not in ca)

casey serin steals few hundred grand. nothin. FBI even told CNET in an interview THEY DO NOT PROSECUTE mortgage fraud unless its the large rings of 'for profit' fraudsters.

anyway at least you wont get kidnapped on the street in the USA. Try going to Mexico City!!!!!

Anonymous said...

Paris took much more than I could ever give her, and i have the pictures to prove it, still im a big fan. Did you expect John McCane paying off Mother Teresa to use her as cover in the S&L fraud of the 80"s???????????

chris g said...

I don't care what that FBI guy says....in Casey's case, the FBI needs to make an exception because (1) there are so many people monitoring what happens to Casey, and if nothing happens to him, then it will encourage other people to commit fraud; and (2) Casey practically wrote the case for them already. Should be easier than 99% of most mortgage fraud cases. Casey will cry like a baby once arrested, and cough up the names of everyone who helped exacerbate the fraud in exchange for immunity from prosecution. The FBI can't lose on this one.

Anonymous said...

BS, they do go after people that commit mortgage fraud .They are just slow on their paperwork right now .Depends on how much it will net them to go after someone .