February 22, 2008

HousingPANIC Stupid Question of the Day


What should the government do with the millions of mortgage fraudsters?

1) Fine them
2) Jail them
3) Reward them with taxpayer money and programs so they can stay in the homes that they can't afford, which they committed blatant fraud to get into

26 comments:

Anonymous said...

FBI Will Not Go After Borrowers Who Lied on Mortgage Applications


http://tinyurl.com/27vtvn

Peter T said...

That's easy: fine them - jailing them would cost us money again. They should also be denied bankruptcy protection with respect to all debts related to the fraud.

Frank@Scottsdale-Sucks.com said...

Permanent credit reporting of all delinquent debts related to the fraud.

eric in vegas said...

Do nothing. A life without available credit will be hell for these people.

Frank@Scottsdale-Sucks.com said...

"Do nothing. A life without available credit will be hell for these people."

Exactly! It's all they know!

Anonymous said...

When Bush lied on WMD or Clinton on EMA, what is wrong with dopes winning and now losing a few nickels?

Anonymous said...

What's that guys name that owned Ameriquest? His company has settled out of court for their blatant fraud against consumers, and didn't George Bush appoint him Ambasodor of the US for some other country? That shows you there how we "punish" fraud and corruption in this country. Sad to say but this has become the American way to the top.

Anonymous said...

nothing. let the market and private collection actions clear it.

Anonymous said...

Take thier livers, or blood for payment.

DOPES said...

I'M HERE TO GET MY "NEGATIVE EQUITY CERTIFICATES" FROM THE GOVERNMENT...

WAKE ME UP WHEN THEY CALL MY NAME...

DOPES!!!

Off with their Heads... said...

Execute them publicly.

Have a Nice Day.

Anonymous said...

And to imagine what used to happen to someone for stealing a horse or a few cows.

If you overlaid a map of those old crimes with a map of recent and coming housing foreclosures, it might prove interesting.

Anonymous said...

Easy. Just report the fraud on their credit reports for life. That way, no sane person will ever lend or rent to them again.

az_mtb said...

Hey Keith!

You have to do a feature on this very informational explanation why so many subprime loans went bad! Hilarious!!

http://tinyurl.com/2kvosz

Veronica Lodge said...

RE: What should the government do with the millions of mortgage fraudsters?

The reward program seem like the best choice.

After all, the reward program is designed to protect corrupt bankers, not debt slaves.

Once the reward system shifts the burden fraudulent loan repayment to the taxpayer, the mortgage fraudsters can be evicted.

V.L.

Anonymous said...

Imprisoning mortgage fraudsters would cost too much, and we just don't have enough jails for all of them.

Fines would be good, but when someone puts $0 down you can't be sure there is any way to squeeze money out of them. Though they should pay if possible.

Now I figure the biggest problem as a result of their crimes are all the empty neglected houses being left behind. So I think we should make work gangs out of mortgage fraudsters and make them care for all those empty houses.

I also think the suggestion of having a permanent note on their credit report about the mortgage fraud, is quite wise and perhaps the most practical solution.

Anonymous said...

It was the BANKS fault. They gave out the loans.

Anonymous said...

I have another stupid question. Can the banks sue those who lied on their applications?

For example could they turn a non-recourse mortgage into a recourse mortgage by claiming that the application was fraudulent and that they want their money back in full (and not a house worth something less).

Anonymous said...

How about send them checks for $600?

Anonymous said...

i feel sorry for all you bitter renters. go back to your odd jobs. you have no balls thus no right to live with dignity.

Anonymous said...

3) Reward them with taxpayer money and programs so they can stay in the homes that they can't afford, which they committed blatant fraud to get into

Anonymous said...

Reward them with taxpayer money and programs so they can stay in the homes that they can't afford, which they committed blatant fraud to get into

This was an easy one.

JUST KIDDING!!!

Danny

Andrew Hac said...

The Americano is as toasted as a snapper turtle skewered on a stick from head to ass all sizzling, juices dripping, fat popping over a bed of white hot charcoal grill.

Americano = Grilled Snapper Turtle

Heeeee... Haaaaa... Arrrrr...

The mentality of the average Americano is just amazing, if not stupefying.

A Circuit City Sale Associate is able to buy a house.
A Shoe Sale Man is driving an Audi.
An uneducated, illiterate, ignorant Ford factory auto-assembly worker makes $40/hour.
The Iraqi has Weapon Of Mass Destruction.

Talk about brain-dead zombie, blind-as-a-bat crapper. Maybe that is the reason why there is such word as "Trailer White Trash"...

Anonymous said...

Can the banks sue those who lied on their applications?

Sure they can. They will spend thousands and thousands suing people, and in the end will get 0, since the homeowners have nothing left anyway.

All the banks will do is force foreclosure on the home owners, because is more cost effective.

Danny

Anonymous said...

You know what, the sending them a check idea sounds pretty good. But forget about the $600 dollars though.

The government should send homeowners a check for the balance of their current mortgage. Heck, if they got a second and third "investment" home, send them another one for those too.

This way all homeowners will be debt free, feel rich again, and start spending again. What a great idea. I think this will do it.

Danny

Demetra said...

I'm fine with them not going to jail; that will only cost money anyway. However if they lied on their applications they shouldn't:

1. get a bailout
2. be allowed to refinance
3. have access to more credit