If it had the resources and could, should the US government seek to put all the mortgage fraudsters in jail, while seizing their assets too?
NEW YORK (Reuters) - Mortgage fraud cases have increased "exponentially" and federal investigators expect it to be a high priority area in the coming year, a Federal Bureau of Investigation official said on Thursday.
The FBI has roughly tripled the number of agents in New York over the past year working on cases involving conduct such as fraudulent foreclosure rescue schemes and inflated home appraisals.
December 10, 2007
HousingPANIC Stupid Question of the Day
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29 comments:
No. Just stop with the bailout plans and I'm happy. Putting millions of people in jail won't do anything but cost more money.
Strip their credit rating from them for life. They would probably end it.
As a Mortgage Insider, let me explain something about the mortgage business: Everyone is screaming about the corrupt Mortgage Brokers who caused this mess. But the majority of those exotic loans were Underwritten, Approved, and backed by large U.S. banks. A friend of mine who worked at Washington Mutual Bank told me that 90% of the loans they did from 2004 thru 2005 were those risky Option ARMS. It was extremely lucrative for the bank to push those type loans which they then packaged and sold on Wall Street.
Now, as a Federally Chartered Bank, banks like WAMU are SUPPOSEDLY regulated by Federal banking officials. So the big banks are exempt from all this scrutiny the Mortgage Brokers are under. It's easy for regulators to come after all these small independent Brokers. It's another thing for them to admit that their own Federal watchdogs have been sleeping on the job when it comes to the banks.
As a licenced Mortgage Broker in the State of Ohio, I am required to explain and have the borrowers sign no less than 8 disclosure documents that a Loan Officer at a bank does not have to provide. One of these documents warns that we may not have the lowest rates in the market. Another warns borrowers that if they borrow more than 90% of the value of the home they may have difficulty selling or refinancing. A bank does not have to disclose this even though it's the same exact loan. If I take a loan application and place the loan with Wells Fargo I have to have all these disclosures signed. If the borrower goes directly to Wells Fargo (at a higher rate most of the time) they will not be given these disclosures.
The new lending regulations Congress is working on will once again leave the banks immune from scrutiny. They are considering requiring national loan officer licensing UNLESS YOU ARE AN EMPLOYEE OF A BANK.
Start at the TOP.
Impeach Bush-Cheney immediately. Seize their assets. Fast track trial. Convict and sentence within 90 days or less.
Introduce Bush to his NEW wife, a guy named Joe...
Put fat pig toad Cheney in the pen with the child molesters. He can get counsel from his daughter and their turkey-baster grandkid.
Nice picture. Maybe Cheney will have that fatal heart attack then?
Nothing is too bad for these two.
You want to reward them with 3 hots and a cot, free cable, a new wardrobe AND getting out of their mortgage payments?
You're getting soft, Keith. ;)
Doin' a heckuva job!
Make them spend their weekends picking up trash and working at soup kitchens. They can also clean out the bedpans at the nursing homes. Maybe send them to Iraq to dig wells
As a Mortgage Insider, let me explain something
Quit yer whining. The MBA refused to police its members, therefore the government has to step in to fix the problems. Unlike these mom & pop brokers, the banks can't take the money and disappear into the night. They are taking their lumps now. All of their profits from the past few years are being wiped out. The mom & pop brokers who ran the low level scams all closed up shop and didn't have to pay for the bad loans.
Jail is a waste of money and should be reserved for real criminals (i.e. violent ones) who belong there. Look at what happened in Scottsdale - crime has exploded because the cops arrest speeders and haul them away in cuffs instead of focusing on burglars, rapists, drug dealers, etc.
With the mortgage fraudsters, I say fine them at most. Their credit is going to be completely trashed for the next 7 years at a minimum and in most cases much longer, which will be like a death sentence to them.
Just look at Scottsdale - that town would disappear off the map without easy and unlimited access to credit!!
Of course the resources exist! Last I heard, the Halliburton Detention Centers are set and ready for use!
What do you think all of the recently constructed (by Haliburton no less) detention centers in the southwest are for? You didn't think they would be used for locking up illegals, did you?
Shoot straight and keep your powder dry
Yes, mortage fraud is a crime, at least as bad as or worse than larceny. It's stealing money either way, and there are no excuses lest we let all common theives out of jail.
Furthermore, convictees of mortgage fraud should have their wages garnished for the rest of their life or until the stolen amount is paid off. Otherwise, you and I (taxpayers) will have to foot the bill, which is totally unfair.
Yes, strip them of their assets and any strip them of credit rating for years.
Can put them in tents in the desert. Put them to work at needed tasks for the govt. wherever for several years. Maybe, even make them build the border fence.
Others who want use of any monthly govt. relief money need to pick up the trash, clean public places, etc.
To Mortgage Insider:
F#uck You. You are a scumbag.
Go sell crazy to Joe Six-Pack. Maybe they still believe your bullsh*t.
Jump. Make sure its' high enough to to a proper job.
I say cane 'em and make 'em wear the scarlet A (for a**hole)
lol! you all are pretty quick to put what 1.2 mil families in TENTS?
wheres the compassion-lol- you libs are supposed to be the compassionate ones-not.
they arent making any more jail cells, havent you heard?
House arrest. Tattoo a big Red backwards "L" on their forehead to remind them of their sins. The MANDATORY ankle bracelet should have a built-in taser system and should the wearer try to charge anything on credit, they get tased. If tampered with to remove, it blows up and amputates the limb. Anyone seen on crutches is immediately deported to Mexico to beg in the street.
Make them indentured servants. The guilty have to work off their debts at prison level wages. For politicians and real estate 'professionals' treble damages apply.
Beat them down FOREVER.
To make an omlette, you have to break a few eggs...
"crime has exploded because the cops arrest speeders and haul them away in cuffs instead of focusing on burglars, rapists, drug dealers, etc."
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Looks like you have a problem with law enforcement over there. The police are supposed to do their jobs. Unfortunatley, many cops in many cities are just too lazy to do real policework and instead go for the easy victims, arrest speeders, harass women and then when real crime occurrs, they say they dont have the resources.
When are we as a country going to make cops accountable for productive law enforcement? Where is their accountability? Or are we just supposed to presumptively call them heroes just because they wear a badge!
If you are an enlightened borrower, next time get a mortgage quote from a Mortgage Broker and then from a local bank. If you've never checked, you'll more likely get a better rate at the same or lower costs thru the Broker.
I can place a loan with 5/3 Bank for the same costs at a rate 1/8 % lower today.
Keith, Keith,
So much wire fraud has been committed, all any Prosecutor has to do is pull almost any real estate transaction of the past 5 years, and they'll probably find fraud. If it involves ARMS, they're probably guaranteed to find fraud.
People need to be punished, so they might have to build some new prisons. Or, they could let out early people with petty drug convictions (a lot of prisoners) and make room for the truly massive numbers of mortgage fraudsters.
I have the best solution. Have them live in a third world city with millions of illegals,trash and grafittii everywhere, and traffic nonstop 24/7.
Yes, in case you're wondering, Los Angeles does have room for all these criminals!
Wow!
If mortgage fraudsters go to jail, Alan Greenspan is surely due for The Chair.
The executives and board of directors of these obviously unsustainable public companies should go to prison. Everyone else should deal with the consequences of their choices with NO bailout.
Wait we are the real slaves.... let me sleep all day in a cell and they can work off their debt!
Anonymous said...
>>Make them spend their weekends picking up trash and working at soup kitchens. They can also clean out the bedpans at the nursing homes. Maybe send them to Iraq to dig wells
December 10, 2007 5:01 PM
I was going to write the SAME exact thing... YEAH Keith, Jail is waaaaay too good for them all!
MarkIFC said...
>>The new lending regulations Congress is working on will once again leave the banks immune from scrutiny. They are considering requiring national loan officer licensing UNLESS YOU ARE AN EMPLOYEE OF A BANK.
December 10, 2007 2:22 PM
Yes, I totally agree with everything you wrote. Most importantly that BANKS are being given a free pass "getting out of JAIL card". And YES absolutely everyone should be regulated including the loan officers. Just like any person who sells stocks needs to hold a license. Same should be true to anybody who sells debt!
But then again the regulators have been soooo damn slack as of late or worthless pieces of $hit... What's the F#ckin' point!
Anonymous said...
>>wheres the compassion-lol- you libs are supposed to be the compassionate ones-not.
December 10, 2007 9:06 PM
Why do these TROLLS keep referring to HPer's as Libs????? If that's how you refer to people speaking the TRUTH and EXPOSING corruption, greed and fraud. Well then call me a f#ckin lib why don't ya! All it is is another LABEL.
Everybody must be placed in neat tidy categories so as to segregate, discriminate and form a biased against!
Repost: wrote this in wrong thread.
Sorry about the swearing, I’m just a little worked-up writing about China on my blog!
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