January 28, 2008

HousingPANIC Stupid Question of the Day

Who should be arrested first for knowingly enabling mortgage fraud?

1) Angelo Mozilo
2) Casey Serin
3) Bob Toll
4) Charlie Prince
5) Stan O'Neal
6) Michael Perry
7) The crazy looking dude in this wanted poster
8) The thousands of mortgage brokers across America who did the paperwork
9) The millions of housing gamblers who lied about their incomes
10) Nobody gets arrested, since the United States is no longer a nation of laws


3rd Generation said...

All of them.

or #10. No One.

America is Dead.

Benji said...

And the search for low-level scapegoats continues, as the French blame a rogue trader, LOL! Meanwhile, the REAL con-men CEOs are sipping Mai-Tais on their yachts in the South of France!

FWIW, here's an interesting post of what REALLY triggered the Fed to lower rates the other day; the rogue trader revelation was just an interesting coincidence (blamed for triggering the World sell-off), but the Fed already knew they needed to lower rates anyway, and global sell-off was the excuse.

Here's the original post, from Reinko:


03:01 PM
Fri Jan 25th

It might be that the futures were a bit flawed because of the big unwinding Societe Generale had to do. But would that be the reason for a 75 basis point cut?

Unseen in many many years and even intra policy making meetings from the FED.

No, the real reason is far more simple to understand and is found in the inner workings of the FED:

On the day Bernanke did his 75 point thing, also the combined reserves of the US commercial banks could go negative.

Here is the 17 Jan 2008 so called H3 release (look for the 'non borrowed column where the real reserves are) and see that in just six weeks time the reserves declined from over 43 billion to just 200 million US$:


Here is the 24 Jan release and remark that they haven't updated (should be done yesterday but now almost 24 hours later it is still not updated!):


This likely means that combined real reserves from the US commercial banks is in the negative zone and we have to conclude:

At least one US commercial bank is in the red with her reserves...

Dunno how credible that is, but it's an interesting thought!

Frank@Scottsdale-Sucks.com said...

They'll make an example out of one or two people like the Orange One. The millions who lied about their incomes won't face charges but will suffer a lifetime of bad credit now.

Think about that - these are people who WORSHIP credit and cannot live without it. The BMWs. The Escalades. The vacations to Europe. The country club membership. The kids' private school. The big screen. The plastic surgery. The coke and booze.

It was all bought on home equity credit. ALL of it. And now they're going to have to live without that credit.

It's funny in my business when we send out collection notices and report non-payers to the credit bureaus, because the people who are the most blatantly dishonest and who never intended to pay wind up being the ones with great credit who, incidentally, seem to be experts at successfully disputing with the bureaus and getting the reports removed.

Funny how the people with the best credit are pros at non-payment and getting away with it.

Buzz Saw said...

Some guys around here stole $6 million from the FHA. They got five years probation and got to keep the money too. Smart. Mortgage fraud is a great business to be in.

Anonymous said...

#7, from your link!

Mortgage scam suspect arrested
Fortune exclusive: Alleged con artist Matthew Bevan Cox is arrested in Tennessee.

NEW YORK (Fortune) -- Alleged master con artist Matthew Bevan Cox was captured within the last 24 hours at his home in Nashville, Tennessee, according to the U.S. Attorneys office in Atlanta. He was running a business called the Nashville Restoration Project.

A source familiar with his domestic situation turned him into federal agents. Authorities have him in custody in Nashville, and he will likely stand trial in Atlanta, where he faces a 42-count indictment carrying a 400-year jail sentence.

For the better part of the past decade, Cox has stalked his prey through MLS (multiple listing service) real estate ads. Authorities suspect he has stolen at least $15 million through fraudulent mortgages, although the figure could be much higher. His victims have been forced to pay tens of thousands of dollars to lawyers to save their property from foreclosure on unpaid fraudulent loans.

In "Real Estate Scammers," Fortune chronicled the six-state crime spree in which Cox enlisted help from Rebecca Marie Hauck after they met on Match.com.

Anonymous said...

#10, baby, all the way. America is only good to crooks and illegals. The rest of us, honest taxpayers and workers, are doomed.

My forecast: Corrupt Media will bash Hillary daily until Obama gets nomination. Then Republican slime machine, along with corrupt MSM, change focus to destroy Obama, just like they did to Kerry, Deen, and Ron Paul. After the Republican candidate warmonger wins the elections, all of the African Americans, stupid college kids, and Oprah will be flabbergasted, because "they really didn't see that was all a GOP game" to get Hillary out and keep the easy target Obama.

And the current plan of transferring money from taxpayers to Republican cronies continues through more wars, more bubbles, more corruption, cover ups, high oil prices, unfordable health care, skyrocketing inflation, etc.

I'll be far away, protecting my assets from these vultures, and from stupid people like Oprah who can't see that Obama will never be elected in this country.

Anonymous said...

When I was a kid, my first job was a teller at the bank. Every time we needed to get $5,000 was a freaking nightmare, requiring signature even from the Pope. But hey, a Frenchie rookie can play with $67 billion, no questions asked. Yeah, right...we believe you, bunch of French crooks. Oh, and nice timing of unfolding that mess right when it's a holiday in the US. Wow, what are the odds? And Bernanke didn't know about anything but was "sooo lucky" that the mess blew right on an American holiday. Suuuuuure.

It's all rigged!

Anonymous said...

Angelo Mozilo, then go though one-by-one ALL customers of CFC!

Stuck in So Pa said...

Frank@Scottsdale-Sucks.com said...
...........Funny how the people with the best credit are pros at non-payment and getting away with it.
OMG Frank, did you just hit a raw nerve. I have seen this happen in company after company, for years. The biggest no-pay deadbeat has the biggest credit limit, AND THEY NEVER PAY FOR ANYTHING!

The company gets so scared that they won't get paid (since they know the SOB has the money/assets,) that the collection dept has unwritten orders: Hands Off!

And, the deadbeats ALWAYS have an excuse why they SHOUDN'T have to pay the bill.

It doesn’t help that the scumbags are usually the darlings of the sales dept, because the salespeople work on commission, which is paid for by the company, based on the dollar amount of the sale, and NOT based on the dollar amounts that actually comes in to the company from the deadbeat ba$tard$.

Come to think, this is just another was for the average FB to "keep up with the Jones." If the fat at the top don't pay their bills and get everything for free, I guess the FB's figure WHY SHOULDN'T WE!

Anonymous said...

#11 Pam Anderson, white string bikini, handcuffs behind the bank. Oh God!

Anonymous said...

Buyers that lied on loan applications should be prosecuted for loan fraud.

Vectorz said...

Don't forget David Crisp and Cole. Their 'investments' made Casey Serin look like a walk in the park.

Anonymous said...

I still wanna see Casey Serin get his in the end. Literally and figuratively when he becomes Bubba's 'bitch'.

That little snotstain needs a dose of reality and a brief stint in the big house might just be enough to knock him into coherence.

Anonymous said...


the national media are liars said...





Anonymous said...

Orangelo Mozilo and Casey Serin locked up in a tiny prison cell together, and the hilarious results broadcast on HGTV as a reality TV show. They could call it "Downscale My Crib" or "Flip this Jailcell" or something. I'd watch it!

Anonymous said...


Nice ranting!

Anonymous said...

#10 sho nuff