June 28, 2008

Watch this little Las Vegas realtor roundtable on mortgage fraud, and you'll get a sense of what was really going on out there these past few years.

This little Vegas realtor roundtable is pretty fascinating. Check out the one 6%'er talking about the street of $900,000 homes where cash-back mortgage fraud was rampant, and now the homes are sitting unwanted for $300,000 - $400,000.

So, if the realtors knew there was fraud everywhere, maybe they should have reported it to someone? Oh, wait, that would have stopped the Ponzi Scheme commission checks from pouring in.

Meanwhile, your government is about to bail out the lenders who committed the fraud, and refuses to go after the mortgage fraudsters who broke the law.


eric in vegas said...

We're so fucked.

Paul E. Math said...

Wildly amateurish and unwatchable.

But your point is valid: these people knew exactly what was going on and lacked the critical faculties and independent thinking required to conclude that this was wrong. Until after the fact.

This is why you cannot ever trust a Realtor.

Anonymous said...

These 3 need to be jailed....they were clearly aware of the fraud! Cash back...lets see the HUD's. Were is the FBI. Take these 3 down as they have confessed!

Do the HUD's reflect the cash back...or did the Title and Attorneys set up fake HUD's! Maybe they too should be jailed!

Clear violation fo the law!!!!

Anonymous said...

Don't new car dealers do cash back rebates? How is this differant with builders and houses?

Nevada is Dying said...

I hate realtors. I live in Nevada and we are currently in the biggest budget crisis the state has ever seen. I think everybody in this state, from Governor Gibbons and the legislature down to the shady 6%ers believed that the Ponzi scheme would never end. I guess they thought there would be houses from Vegas to Reno being sold and resold to "investors" and that there would be real estate strip malls(yes Nevada has entire strip malls dedicated to buying houses-realtors offices, title companies, and loan offices) every second mile. I am so glad the dream is gone and all the construction/destruction has been laid waste. Go bankrupt greedy realtors and go back to whoring at block parties in your exurb hell.

Frank@Scottsdale-Sucks.com said...

Sounds like a confession to me, on video for a jury to watch :)

Anonymous said...

Oh so they knew about it?
How do you know???
They sound a lot smarter to me than you guys. I don't think you know what you're talking about.
We all know what happened but just because you are a Realtor means you are a criminal and part of a huge conspiracy?
Get Real.

Anonymous said...

video is no longer available!

Anonymous said...

The information contained in this video is factual. Check it out,. I did. It is on CNN and in national news papers, daily. Everything is very clear……..NOW…..in hind-sight. We are all experts NOW.

There are bad people in this world that take advantage of situations because they are too lazy to go out and earn an honest living….. in every field. That doesn’t mean that every car salesman or realtor or loan officer or lender or builder, etc…. is a crook. Crooks are in every walk of life. Thank God that most people in these positions are not crooks. They are trying to feed their families just like you and I are trying to feed our families.

The negative blogs that I have read in reference to this video are unfounded. I don’t interpret anything negative from this video or any of their other videos that support anything but, trying to help the average man or woman to understand what is going on right now in the world of real estate.

If these three were guilty of wrong-doing, why would they be giving out advise to prevent this from happening to anyone who chooses to watch. Some viewers, I am sure, didn’t know why their house was suddenly worth $100,000 less than when they bought it. Now, they do. It was because of greedy people,…many have already been indicted by the FBI. (read the news)

Many good families are loosing their homes. If you are so sure you know the answers, stop ranting and address the problem and try to help these people, too.

keyser soze said...

I enjoyed the clip.
The truth will set you free...I only wish the truth wasn't so damn hard to find these days. My oldest brother bought a lot and built the house in which he lives...he said the only bummer about it was that his realtor wasn't involved and he missed having her rub her boobs against him for countless weekends. I told him he might want to mosey on over to 'Deja Vu' for his fix, as there is a real chance that's where she, and her wares, are harbored at the moment.

P Dunny Deal said...

This video is great!! My friends bought in several new home communities in Vegas like Anthem Highlands, Mountains Edge and Alliante. My Friends are now paying the price for builders giving cash back to these "investment groups" who took the cash and ran. thats why 50% of these new communities are vacant and in default or forclosed. Kudos to these 3 industry watch dogs and Kudos to the Las Vegas Real Estate Update. Keep telling it like is. My friends im sure wish they would have talk to you before they bought.

P Dunny Deal said...

check out thier builder fraud video part 1 more gret insight

testseifried said...

What makes me laugh is all the money the real estate agents made off this is ... gone, or at least if any of the 6% people have made it good they've certainly kept it quiet.