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Old 10-01-2008, 02:34 PM
 
Location: Yootó
1,305 posts, read 3,443,210 times
Reputation: 811

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This is exactly why there should be no bailout. No one has a true handle on who or what is to blame. Many economists think a bailout is a bad idea. The ones who want the bailout are the same clowns that wanted to go to war in Iraq. There were no WMDs, and there is no "crisis".
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Old 10-01-2008, 02:56 PM
 
Location: Pinal County, Arizona
25,107 posts, read 37,330,481 times
Reputation: 4925
Quote:
Originally Posted by sickofnyc View Post
Are we getting into semantics here?
Mortgage Bank Fraud - fit better?
Again - what fraud(s) are you suggesting were committed?
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Old 10-01-2008, 03:18 PM
 
Location: London UK & Florida USA
7,923 posts, read 8,407,789 times
Reputation: 2053
FBI Cracking Down on Mortgage Fraud : The Real Estate Bloggers
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Old 10-01-2008, 03:23 PM
 
Location: Cave Creek, AZ USA
1,774 posts, read 6,016,672 times
Reputation: 1062
Quote:
Originally Posted by NewToCA View Post
If fraud is specifically identified, it would need to be legally dealt with. However, much of what I have seen has to do with real estate valuation, and loans which were perfectly legal, and encouraged by HUD.
Exactly. I'd like to hear more specifics about who committed what kind of fraud. I personally know a guy who's just pleaded guilty to loan fraud and is looking at 10 yrs. and a few million in restitution and fines. But fraud is not what caused this mess. It has always existed in real estate and always will. I'd love to see what would have happened to any politician who, at the height of the boom, had screamed at the top of his lungs that we need to rein in subprime lending and tell private investors what they can and can't buy. That would have gone over like a turd in the punchbowl.
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Old 10-01-2008, 05:07 PM
 
4,608 posts, read 7,769,796 times
Reputation: 1266
Does anyone believe that the perpetrators of the bank fraud will be punished?

Yep. The honest, hardworking home owners who pay their mortgages and taxes on time will be punished. It's our fault. After all, we elected the current congress. We ARE going to pay.
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Old 10-01-2008, 05:52 PM
 
Location: Cave Creek, AZ USA
1,774 posts, read 6,016,672 times
Reputation: 1062
Quote:
Originally Posted by WillysB View Post
Does anyone believe that the perpetrators of the bank fraud will be punished?
Can you please point to a specific case of bank fraud? I haven't heard of any other than perhaps Schumer's causing a run on Indy Mac by floating a rumor about them. But that's not bank fraud, per se, either.
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Old 10-01-2008, 05:58 PM
 
Location: Houston Texas
2,899 posts, read 3,199,448 times
Reputation: 877
Quote:
Originally Posted by sickofnyc View Post
I personally do not believe that any of these greedy pigs will ever have to pay in any way for what they have brought down upon the citizens of this country.

I have lost all faith in the justice system and how it has been corrupted. Our Constitution has been stomped on. How is it possible that this criminal administration has gotten way with the past eight years of blatant criminal activity? Not one month has gone by without a slap in the face to American people.

What constitutes TREASON??????
If there is any real justice in the American justice system, they will be strung up as pinatas for the real Americans to swing sticks at!
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Old 10-01-2008, 08:39 PM
 
372 posts, read 811,037 times
Reputation: 126
again... who are we hanging?

Specifically, who are these alleged perpetrators?

Homeowners?
Mortgage Brokers?
Politicians?
Best Buy employees selling big screens?
CEOs?
Appraisers/Real Estate Brokers?
Schools adminstratorsthat increased their tax budgets based on inflated tax basis?
Rating agencies?
Car salesmen?
Union workers?
Investors that expected their share values to increase?
....?
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Old 10-01-2008, 10:42 PM
 
48,507 posts, read 91,409,796 times
Reputation: 18216
Anyone in the mortagage business that was a conspirator in a false satement as to income of those applying for loans. That would also include the borrower who signed a false income statement. If there was no crime than they are clear. But in the end this would involved too many constituants of the politicans that clearly signed false satements in frudulantly getting lkoans .so they will get some uppr mortgage peole who make examples of. They will pull a Spitzer to make it so much hell on them they will plea a deal to save their sanity whether guilty or not.
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Old 10-01-2008, 11:01 PM
 
Location: Cave Creek, AZ USA
1,774 posts, read 6,016,672 times
Reputation: 1062
Quote:
Originally Posted by texdav View Post
Anyone in the mortagage business that was a conspirator in a false satement as to income of those applying for loans. That would also include the borrower who signed a false income statement. If there was no crime than they are clear. But in the end this would involved too many constituants of the politicans that clearly signed false satements in frudulantly getting lkoans .so they will get some uppr mortgage peole who make examples of. They will pull a Spitzer to make it so much hell on them they will plea a deal to save their sanity whether guilty or not.
You obviously did not work in the subprime business. A lot of these loans, no, the overwhelming majority, were perfectly legal. You may think it was crazy to loan money to some of the folks who got these loans. But it wasn't a matter of lying or bending laws to get it done.

When I did stated income loans, we considered years on the job, years in that line of work and used salary.com to see if the stated income was commensurate with all that. If it was and everything else checked out - cash reserves, FICO, appraisal, rent letter - then they got the loan and investors were lining up to buy it. I never saw a single loan that contained fraud.

I know of some brokers who tried to pass them off to us, but we never took them. If a borrower missed a payment in the first six mos., we had to buy it back for pennies on the dollar, the broker that sent it to us went on double secret probation and they then had to close five totally clean, audited loans with us to get off the QC list. With those kinds of consequences, no one had much incentive to even try to sneak one by us. BTW, the vast majority of subprime loans are still performing just fine.
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