Excuse me for being naive here, but since the mortgage companies require documentation of income from the applicant, it would appear the fraud would be more on the part of the company than the individual.
Whoever defrauded, it is important to note that mortgage applications in many cases are made using bank money. Banks are insured by the FDIC. Defrauding to get any money from an FDIC insured entity would be a federal offense. No parole. If you sign, beware of the consequences.
Oh come on you masses buy inflated property with money you don’t have because the economy is good and you too should profit from these great economic times. We’ll allow a few big business folks con you as we all laugh all the way to the bank. Not George Bush’s fault nor the people who support his tactics. No way. The government is hear to help you. Go ahead take a peice of the American pie for yourself and invest in the company you work for too! We’ll make sure our cronies get all that money along with your house. Gotta love the smell of that pie…….hmm
before someone blamed Bush. Just because he is an idiot doesn’t mean he is to blame for the housing melt-down. It was overzealous lenders and greedy borrowers who bit off more than they could chew.
Each loan officer in every state should be required to obtain and maintain a loan officer license just as we do to sell insurance. Secondly, the entities along the way should each have to risk dollars to pass the loan onward, so that in the event of default, everyone suffers, not just the lender at the end.
Stated income works fine for someone with REAL income. Hillary and all the dems said “Loan to the poor”. Well, here is the mess created by loaning to people without jobs.
I knew it was over when the foodserver @ Houston’s Restaurant offerred to get me a mortgage, later on, the airline attendant was pushing loans on a flight to Atlanta.
On any given Weekend in Atlanta , MLM firms were offerring Loans , just bring a friend , pay $250.00 and you can get back money at the closing ( home sale).
When I saw WMC MORTGAGE, do a mortgage for $ 840,000.00 with no money down and give money back @ closing and with no verification of income or job, I knew it was over in the financial markets.
The fees on the loan was in the 5% + range , excluding the realtor commission,( another 5%) and the interest rate was 8.5% . Everybody got paid including the buyer.
Based on what I saw in ATLANTA, the vast majority of the loans were done in that fashion.
An Indianapolis father has mortgage applications claiming his montly income is $33K. Mother requests more child support in order to help raise their 2 children. Indianapolis loan officer even testifies to the fact both she and the father decided what father’s income should to be (stated), in order to obtain a loan. Father testifies he didn’t know what he was signing, but has owned rental properties for 20 plus years. Father owns 11 homes, including a penthouse oceanfront condominium. Father’s taxes claim he makes a negative two-digit income. Child support gets reduced.
Excuse me for being naive here, but since the mortgage companies require documentation of income from the applicant, it would appear the fraud would be more on the part of the company than the individual.
I thought it was all George Bushes fault.
Whoever defrauded, it is important to note that mortgage applications in many cases are made using bank money. Banks are insured by the FDIC. Defrauding to get any money from an FDIC insured entity would be a federal offense. No parole. If you sign, beware of the consequences.
FDIC is for depositors, not borrowers, but I agree that the fraud on both parts should be investigated.
I’m sure they were both smiling at each other across the desk as the ink was drying. I don’t feel sorry for either one of them.
Oh come on you masses buy inflated property with money you don’t have because the economy is good and you too should profit from these great economic times. We’ll allow a few big business folks con you as we all laugh all the way to the bank. Not George Bush’s fault nor the people who support his tactics. No way. The government is hear to help you. Go ahead take a peice of the American pie for yourself and invest in the company you work for too! We’ll make sure our cronies get all that money along with your house. Gotta love the smell of that pie…….hmm
before someone blamed Bush. Just because he is an idiot doesn’t mean he is to blame for the housing melt-down. It was overzealous lenders and greedy borrowers who bit off more than they could chew.
Each loan officer in every state should be required to obtain and maintain a loan officer license just as we do to sell insurance. Secondly, the entities along the way should each have to risk dollars to pass the loan onward, so that in the event of default, everyone suffers, not just the lender at the end.
Stated income works fine for someone with REAL income. Hillary and all the dems said “Loan to the poor”. Well, here is the mess created by loaning to people without jobs.
I knew it was over when the foodserver @ Houston’s Restaurant offerred to get me a mortgage, later on, the airline attendant was pushing loans on a flight to Atlanta.
On any given Weekend in Atlanta , MLM firms were offerring Loans , just bring a friend , pay $250.00 and you can get back money at the closing ( home sale).
When I saw WMC MORTGAGE, do a mortgage for $ 840,000.00 with no money down and give money back @ closing and with no verification of income or job, I knew it was over in the financial markets.
The fees on the loan was in the 5% + range , excluding the realtor commission,( another 5%) and the interest rate was 8.5% . Everybody got paid including the buyer.
Based on what I saw in ATLANTA, the vast majority of the loans were done in that fashion.
It will take years to correct this mess!!!
An Indianapolis father has mortgage applications claiming his montly income is $33K. Mother requests more child support in order to help raise their 2 children. Indianapolis loan officer even testifies to the fact both she and the father decided what father’s income should to be (stated), in order to obtain a loan. Father testifies he didn’t know what he was signing, but has owned rental properties for 20 plus years. Father owns 11 homes, including a penthouse oceanfront condominium. Father’s taxes claim he makes a negative two-digit income. Child support gets reduced.