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.
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.
Posted by blogger at 6/28/2008