The Late Great Housing Bubble - just one big orgy of mortgage fraud, and a country of sheep and realtors on commission who fell for it.

Silly Americans - you thought those skyrocketing housing prices were because "they're not making any more land", or because of "year-round-golf and pro athletes".

Nope. It was just one big orgy of fraud. And you fell for it.

Silly Americans.

Here's just a sampling of headlines today over at the mortage fraud blog. Just a sampling.

Florida woman sentenced in fraud scheme
Florida mortgage fraud laws passed
Valley (CA) man indicted in HELOC fraud allegation
Concord (CA) lender indicted
Tampa man provided false employment references
California man given 16 months in deed fraud
Three Ohio men indicted in Kentucky fraud case
Man indicted in Ohio apartment fraud charges
Two plead guilty in Pittsburg area mortgage fraud
Texas realtor sentenced to 18 months
New Jersey man pleads guilty to mortgage fraud
5 sentenced in Georgia mortgage fraud scheme
Two plead guilty in $35 million fraud in Minnesota

This is what the end of a Ponzi Scheme looks like. And these are the housing gamblers who better not get a penny of taxpayer money.

Destroyed housing gamblers.

Failed flippers.

Exposed mortgage fraudsters.

Homes as lottery tickets.

The vast majority of people "losing their homes" are not the innocents portrayed in the media or by Hillary Clinton, taken advantage of by "predatory lenders". They're just your typical losers, chain smoking at the casino, hoping against hope for 'the big score' that never came. They're gambers who bet and lost. They're people who committed mortgage fraud, yet won't see a day in jail.

AND THEY ARE NOT DESERVING OF ANY KIND OF TAXPAYER BAILOUT. GOT THAT OBAMA? GOT THAT HILLARY? GOT THAT MCCAIN? GOT THAT PELOSI, REID, SCHUMER, DODD AND BUSH?

Thanks Seth for the link... Great series on the crash at the Minn. StarTribune. Read 'em all, and you'll be especially enraged with the rampant illegal cash-back schemes that were out there. Crime paid HP'ers, even for the gamblers going into foreclosure. Why? They got to keep the cash, and mortgage fraud isn't a crime anymore in the United States.

Housing bets gone bad

Wright County was a haven for speculators -- until they got burned in the downturn.

Across the country, from the desert suburbs of Las Vegas to the treeless subdivisions of Wright County, many homeowners face a predicament of their own making.

They gambled big that housing prices would continue to shoot up. Some bought homes as often as others buy new jeans, occasionally in return for thousands of dollars in kickbacks. These investors ranged from small-town working people looking for a quick payday to sophisticated real estate professionals who bet with other people's money, occasionally defrauding lenders in the process.

Now, with home prices falling and mortgage payments rising, panic has set in. Investors are dumping houses on the market before prices collapse further, or simply turning the keys back to the lender. That, in turn, is dragging down values for even longtime homeowners, wiping out the equity they'd built up over the years.

HousingPANIC Quote of the Day

"The entire real estate debacle is the fault of everybody that was involved. And it was all about greed and speed. The brokers wanted their commission. The lenders wanted their premiums. The borrowers wanted their homes."

- Rachel Dollar, a Santa Rosa attorney who represents lenders in fraud and other cases, February 2008

From a great article "Loans Built on Lies" in the Santa Rosa Press Democrat (thanks HP'ers - looks like more MSM have been reading the bubble blogs.

And why aren't the Feds investigating EVERY SINGLE STATED INCOME LOAN taken out in America these past few years? The United States is no longer a nation of laws. We're a nation of mortgage fraudsters who are simply getting away with crime (while stiffing the banks and ruining neighborhoods)

And then the noose around Countrywide Toxic Mortgage's Angelo Mozilo drew tighter

Too bad the government only started investigating Countrywide's crimes after the damage had been done. Where were they in 2003? 2004? 2005? 2006? The mortgage fraud at Countrywide (and others) was just so OBVIOUS. They called them f*cking liar's loans for a reason.

I hope they don't just investigate Countrywide. I hope they open criminal investigations of Mozilo and all of his co-conspirators, and the mortgage fraudsters themselves.

Frog marches! HP'ers want frog marches!

Attorneys general in California and Illinois are investigating the lending practices of Countrywide Financial Corp., the nation's largest mortgage lender, officials said Thursday.

The Illinois attorney general launched a probe into the lender's business practices and may expand the investigation to examine how homeowners were approved for mortgages with payments they were unable to afford.

"We're looking at why people who appear to us to not be able to afford the loans they're in are in these loans and how Countrywide contributed to that," said Deborah Hagan, chief of the attorney general's consumer protection division.

HousingPANIC is going to take George W. Bush and Ben Bernanke at their word - NO FUC*ING HOUSING GAMBLER BAILOUT!!!!!!

"It is not the responsibility of the Federal Reserve -- nor would it be appropriate -- to protect lenders and investors from the consequences of their financial decisions."

- Ben Bernanke, August 31, 2007


"It's not the government's job to bail out speculators or those who made the decision to buy a home they knew they could never afford."

- George W. Bush, August 31, 2007


"If you spend one f*cking American taxpayer dollar bailing out failed flippers, mortgage fraudsters and housing gamblers, the legitimacy of the United States Government will have been forfeited, and the time will be at hand to dissolve the political bands which connect us."

- HousingPANIC, August 31, 2007