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Old 02-25-2011, 04:26 PM
 
6,584 posts, read 4,358,513 times
Reputation: 1640

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Sarasota real estate flipping fraud case: Prosecutors indict 14 | HeraldTribune.com
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Old 02-26-2011, 08:58 AM
 
Location: Englewood,FL
493 posts, read 1,381,569 times
Reputation: 133
Sickening!!!
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Old 02-26-2011, 10:43 AM
 
1,581 posts, read 3,355,221 times
Reputation: 761
I was happy to read that and see that I dealt with NONE of those people when buying our home. Phew............
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Old 02-27-2011, 12:19 PM
 
Location: Sarasota/ Bradenton - University Pkwy area
4,565 posts, read 7,429,209 times
Reputation: 5948
It's unfortunate that some people think that rules and regulations are for "other people." Upon reading the story I wondered how these agents could do these flips without their BROKER questioning the deals. Did these investors also have LAWYERS looking over their paperwork?

What about the buyers that lied about their incomes, their net worth, to get loans because so many people were treating the real estate market like it was a stock market -- buy a home, sell it a month later for a big profit?

What the story did not even touch upon is the much bigger violation of the regulations that went on (and is still going on) at the top of this lending food chain.

Here's a link to an interview with Rolling Stone magazine's Matt Taibbi, who has written several in depth articles on foreclosure-gate, including the rocket docket home foreclosures process that has been going on in Florida.


http://www.democracynow.org/blog/2011/2/22/matt_taibbi_why_isnt_wall_street_in_jail

In the interview, Matt said: “Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth."

On the pension shortfalls that states are dealing with, Matt said:
"the broad crime in all of this was just fraud. They were taking—these banks were taking, again, these subprime mortgages, and they would have these billion-dollar pools of mortgages where, in some cases, 70 or 80 percent of the loans were to people who had no identification or no jobs or who had put no money down into the mortgage. And then they were taking these loans and applying this phony baloney, hocus pocus math, these derivative instruments, and turning them into AAA-rated investments. And they were marketing, again, these securities to, say, state pension funds as AAA-rated investments..."

If you think you're angry now, wait until you've finished reading the rest of the interview.
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Old 02-27-2011, 01:56 PM
 
Location: Tampa, Fl (SoHo/Hyde Park)
1,336 posts, read 4,946,844 times
Reputation: 1039
you really cant trust ANYONE in florida, it truly is the fraud capital of the world
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Old 02-27-2011, 02:15 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,822,172 times
Reputation: 2874
Quote:
Originally Posted by JSnFla View Post
you really cant trust ANYONE in florida, it truly is the fraud capital of the world
I find this kind of an odd statement since the majority of the people who live in FL are not originally "from" FL. So just because someone lives in FL they're going to commit fraud? Wow....

Being a native Floridian I take offense to that statement.
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Old 02-27-2011, 04:55 PM
 
Location: Florida
4,892 posts, read 14,083,312 times
Reputation: 2329
One of the board members for the original bank that failed used to be our insurance agent.
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Old 02-27-2011, 05:04 PM
 
Location: N.H Gods Country
2,360 posts, read 5,220,156 times
Reputation: 2014
Quote:
Originally Posted by SoFLGal View Post
I find this kind of an odd statement since the majority of the people who live in FL are not originally "from" FL. So just because someone lives in FL they're going to commit fraud? Wow....

Being a native Floridian I take offense to that statement.
Nobody said anything about native Floridians.I think theyr'e probablly the nicer ones down here. But i do agree, it's really hard to trust anyone.
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Old 02-27-2011, 05:26 PM
 
Location: Palm Island and North Port
7,511 posts, read 22,822,172 times
Reputation: 2874
Quote:
Originally Posted by Ken E View Post
Nobody said anything about native Floridians.I think theyr'e probablly the nicer ones down here. But i do agree, it's really hard to trust anyone.
I would think that native Floridians would be grouped into the category of "you really can't trust ANYONE living in FL". Since I live in FL and happen to be a Native Floridian I would say I'm in the group of people who live in FL. To make a blanket statement like that is just uncalled for.

Just seems a bit rude to me. That would be like me saying, "everyone from xxx state are jerks." Obviously that would not be true and it would be pretty rude of me to say something like that. It's just an unnecessary statement.

I would agree though that most of the FL crackers are a very hard working bunch and not looking to take advantage of anyone.
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Old 02-27-2011, 07:20 PM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,671,870 times
Reputation: 6944
Well, I'm not a native and I still think that is an assinine statement, unworthy of any level of explanation.
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