July 03, 2007

HousingPANIC Stupid Question of the Day

Do you personally know someone who's committed mortgage fraud?

Do you think there should be repercussions for breaking the law?

31 comments:

Anonymous said...

Yes, let's subject her to all episodes of the Simple Life on a repeating reel for 3 years.

Anonymous said...

Friend of mine pulled every trick in the book went from renting a dump to living in a million dollar home in 4 years, all on lies and fraud

In his case crime paid bigtime

Anonymous said...

Casey doesn't count right?

Anonymous said...

Just like illegal immigration, everybody does it so they should all be given amnesty. They are just trying to make a living.

Frank@NeverColdCall.com said...

Repercussions for breaking the law: Yes.

More government regulation: No.

Fraud is already illegal, just like illegal immigration is already illegal. Passing more laws and regulations does nothing. We simply need to enforce the laws that already exist, whether we're talking about scumbag mortgage brokers or illegal mexicans.

Mammoth said...

Was speaking to a RE agent last week, as I am considering selling my rental house. He told me that, since so many people these days have a hard time saving up for a down payment, that I would need to be open to the following:

Once the buyer and I agreed on the selling price, we would need to “bump up” this amount by the amount of whatever the down payment would be. So if the agreed-upon price is $300,000, and the buyer’s lender requires a 3% down payment, the selling price would be $309,000. After the closing, I would give back $9,000 to the buyer for his/her down payment.

“Of course,” the RE agent said, “we would have to find an appraiser who would go along with this.”

So if somebody is not willing to participate in mortgage fraud, it could cost them the sale of the house.

Does anybody smell a rat here?
-Mammoth

HauspocalypseNow said...

All this talk about enforcing the existing laws is madness!

Imagine deporting 20 million illegals!

Imagine liar loans and predatory lending putting people in jail!

We might have to stop the forever war in Turbanistan to pull it off.

Anonymous said...

No....
All of my friends that bought a home in the past 2 years (NYC, Ct, NJ) put down more then 20% & took out a 30yr fixed mrtg.

Anonymous said...

Why the F*CK should there be repercussions for breaking the law?

If Scooter Libby isn't going to see the inside of a jail cell, why should anyone else?

Since Bush is violating the law by wiretapping U.S. citizens (data mining) and he isn't going to jail, why should anyone else?

Since Bush wants to legalize illegal aliens - make lawbreaking legal - why should someone who simply committed fraud go to jail?

Just curious.

Anonymous said...

"Just like illegal immigration, everybody does it so they should all be given amnesty. They are just trying to make a living."

Good point! If her name was Juanita Lopez, Sanchez, Garcia? And she was an illegal alien from Mexico would she have a wanted poster? Or would she just cross back into Mexico with the loot and live the "Life of the Rich and Famous", or better yet could she start doing seminars and infomercials on Mexican T.V. with a show "How I ripped Off the Gringos".

Anonymous said...

Anonymous said...
Why the F*CK should there be repercussions for breaking the law?

If Scooter Libby isn't going to see the inside of a jail cell, why should anyone else?



Ummm because Scooter Libby was setup by an overzealous Democrat and never should have been convicted. Jeez you're a dumb one.

Anonymous said...

Greg Swann

Anonymous said...

Patrick Fitzgerald is a GWB appointee. Comey, who appointed Fitzgerald as special prosecutor, is a GWB appointee. Libby's judge, Reginald B. Walton, is a GWB appointee. Of the three judges on the court of appeals, one was appointed by Reagan and one was appointed by Bush-41.

And, I'm sorry, you said something about an overzealous Democrat? Who might that be?

Anonymous said...

Yes.
He calls cash back "profit".

fish said...

...Ummm because Scooter Libby was setup by an overzealous Democrat and never should have been convicted. Jeez you're a dumb one.

Lets be honest here, Dubya is the Ron Burgundy of presidents....he just reads whatever is put before him! Apparently this is the first time Bush has commuted a sentence in his six-plus years in office. Guess it's just a coincidence that the only person ever to get an unfairly "harsh" sentence in that time also happens to be the former chief of staff for the vice president, huh? Additionally, the sentence President Bush feels is unfair is within the federal sentencing guidelines, the same guidelines the Bush administration just defended before the Supreme Court (and won).*

Defend that you bush blowing fuckwits!

* Much of the previous text stolen without mercy from the Agitator.com blog!

Anonymous said...

i'm suprised you didn't put casey's pick there! it's not too late!

Agent #777 said...

@ANON July 03, 2007 8:13 PM

Since Bush wants to legalize illegal aliens - make lawbreaking legal ...


WOW - now Bush is able to propose bills in the Senate? And here I thought that was a Kennedy bill, and that the majority of the "servants of the people" that were trying to push it through without even being completely written down were Democrats!

Just when I thought politics could not get any more offensive and off-the-wall, the guys in DC prove me wrong yet again!

I got two words for you:

RON PAUL!

JP said...

The Feds are not persuing the hedge funds. Why would they go after the little people?

Anonymous said...

Oh yeah Mammoth."Scott Lushing" a local small time scumbag mortgage broker offers the 103% loan all day long.LOL!Where there is smoke there is fire.I bet if somebody turned him in for fraud, whether tax evasion or mortgage fraud I bet the authorities would have a heyday with him.This guy is as scummy as they come.

Anonymous said...

Bush is cheneys punk

Keyser Soze said...

Mammoth,
A good underwriter will do the proper 'verifications of deposit' and see that the borrower doesn't have the funds for the downpayment. Said verifications can also smoke out loans from daddy and other such subterfuge.
Don't take part in this fraud.

ho moaner said...

any appraisal that is not based on rental income being the highest and best use of the property is fraudulent.

swamprat said...

One doesn't have to look far to find mortgage fraud (or crooks) in the U.S. Like when you turn the light on and the roaches are everywhere. The lights are on and they are scurrying now.
http://tinyurl.com/29yvq5

dufus said...

Clinton pardoned billionaire Marc Rich and forgave his $100 million in taxes owed to the IRS. Why should these little fish be put in jail for stealing $100K?

Anonymous said...

Lets be honest here, Dubya is the Ron Burgundy of presidents....he just reads whatever is put before him!
==================================
Classic funny.

Anonymous said...

They should all go to jail including Bush, Cheney, Scooter, Greenspam. That way we would need more jails and that we keep the construction industry humming till housing recovers.

Sequoia512

Doktaire said...

Casey Serin is screwed that;s for sure. He thinks that just because he hasn't been caught, he didn't do anything illegal.

Doktaire said...

"Clinton pardoned billionaire Marc Rich and forgave his $100 million in taxes owed to the IRS. Why should these little fish be put in jail for stealing $100K? "

This kind of logic is simply retarded, your saying if Clinton can do something and get away with it, then we should all be able to? No, right is right, wrong is wrong, illegal is illegal. The actions of the president do not set our laws, you neandethal. If this were true, after Bush's performance, we should all be able to do just about anything right, right?

Anonymous said...

Did you see the Reuters article? It said he had "soma" in his car. Isn't that the drug in "Brave New World". Maybe they are trying to tell us something about the relation between Gore (with his man made global warming nonsense) and the Brave New World!!!!

Agent Smith said...

My Broter's ex is a realtor, she hit me and my wife up last Friday about selling our home, not a bad idea except when she start to go on about the Buyer cash back incentive. I was like you should really be careful and protect yourself, becase this is illegal and the man is starting to go after people for these types of scam. She replies that the money goes through several hands before I get my cut so I am safe. I thought boy if she only knew how people start to sing when the man comes down on them she would not feel so safe.

Pissed off fraud victim in AZ said...

Agent Smith said...
My Broter's ex is a realtor, she hit me and my wife up last Friday about selling our home, not a bad idea except when she start to go on about the Buyer cash back incentive. I was like you should really be careful and protect yourself, becase this is illegal and the man is starting to go after people for these types of scam. She replies that the money goes through several hands before I get my cut so I am safe. I thought boy if she only knew how people start to sing when the man comes down on them she would not feel so safe.

July 05, 2007 10:56 PM

-----------------------------------

This sounds like a scumbag I met here in AZ. This guy was an ex-judge in Tempe back in the early 90's and apparently had a bad gambling habit. He decided it would be a good idea to scam the city of Tempe and several old ladies out of - are you sitting down - about 2 million dollars. He went to Jail until about 2001. Then naturally he gravitated to the mortgage business. Imagine the thrill he got when he could gamble with other peoples money. Anyway, he would also tell people he was an ex-judge to build their trust. I personally know of mortgage fraud he committed on a grand scale. What is really scary is the fact that he was able to do it unchecked for many years up until 2006 when he missed a payment to his probation officer - no joke, and now he has a warrant for his arrest.

I guess that goes to show that eventually people like this get their just desert. I know he may never have to answer for the fraud that he committed during the boom here, but at least with a probation violation, he will have to go back to prison and convince bubba that he has a great mortgage for him....

BTW, if you are curious who this scumbag is, do a google search for Tempe city court judge + Gambling + Fraud. He will come up. He was the youngest Judge to sit on the Tempe City Court in the early 90's.