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Fraud & Foreclosures

fff

Well-known member
For those that say that everyone facing forclosure on their mortgages were just stupid and over extended themselves, the FBI and Treasury Dept disagree. Pretty interesting that this investigation didn't happen when Republicans held Congress, don't you think?

Federal authorities announced Thursday that more than 400 real estate industry players have been indicted since March — including dozens over the past two days — in nationwide crackdown on mortgage fraud that has contributed to the country’s housing crisis.

The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

“Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation’s housing market and to the peace of mind to millions of Americans,” Deputy Attorney General Mark Filip said in a statement.

Since March 1, 406 people have been arrested in the sting dubbed “Operation Malicious Mortgage” that saw 144 cases across the country. Sixty people were arrested on Wednesday alone, including in Chicago, Miami, Houston and a dozen other regions policed by the FBI.

In a separate sweep, two former Bear Stearns managers in New York were indicted and taken into custody Thursday on criminal charges related to the collapse of the subprime mortgage market. Matthew Tannin was taken into custody outside his New Jersey home and Ralph Cioffi was arrested at his New York City home, the FBI said.

An indictment unsealed in federal court charged both men with securities and wire fraud, and Cioffi with insider trading.

In a separate complaint filed Thursday, the Securities and Exchange Commission alleges that in the first five months of 2007, Tannin and Cioffi “deceived their own investors, as well as the fund’s institutional counterparts, by fraudulently concealing from them the full extent of the fund’s deepening troubles.”

The complaint says that in March 2007, Cioffi withdrew $2 million of his own money from a hedge fund without revealing to investors that he was substantially reducing his exposure to the toxic loans.

Reports of mortgage fraud have soared over the past year as the subprime mortgage market collapsed and defaults and foreclosures soared.

Banks reported nearly 53,000 cases of suspected mortgage fraud lnationwide ast year, up from more than 37,000 a year earlier and about 10 times the level of reports in 2001 and 2002, according to the Treasury Department’s Financial Crimes Enforcement Network.

The most common type of mortgage fraud was misstatement of income or assets, followed by forged documents, inflated appraisals and misrepresentation of a buyer’s intent to occupy a property as a primary residence.

Over the last several months, the FBI has been investigating an estimated 1,300 mortgage fraud cases — including 19 involving subprime lending practices by U.S. financial institutions.

The Justice Department also is expected to ask Congress for more money to help combat mortgage fraud as part of a larger funding request to curb white collar crime and violent crime.

http://www.msnbc.msn.com/id/25259083
 

Goodpasture

Well-known member
backhoeboogie said:
So we should run out and hock the house for a half million and jump on that bandwagon right?
Even at the height of the subprime bubble, I doubt you could get that kind of money for your old singlewide.......
 

backhoeboogie

Well-known member
Goodpasture said:
backhoeboogie said:
So we should run out and hock the house for a half million and jump on that bandwagon right?
Even at the height of the subprime bubble, I doubt you could get that kind of money for your old singlewide.......

:D :D

I wouldn't risk the RV.

I was talking about the house.
 

aplusmnt

Well-known member
fff said:
For those that say that everyone facing forclosure on their mortgages were just stupid and over extended themselves, the FBI and Treasury Dept disagree. Pretty interesting that this investigation didn't happen when Republicans held Congress, don't you think?

Federal authorities announced Thursday that more than 400 real estate industry players have been indicted since March — including dozens over the past two days — in nationwide crackdown on mortgage fraud that has contributed to the country’s housing crisis.

The FBI put the losses to homeowners and other borrowers who were victims in the schemes at over $1 billion.

“Mortgage fraud and related securities fraud pose a significant threat to our economy, to the stability of our nation’s housing market and to the peace of mind to millions of Americans,” Deputy Attorney General Mark Filip said in a statement.

Since March 1, 406 people have been arrested in the sting dubbed “Operation Malicious Mortgage” that saw 144 cases across the country. Sixty people were arrested on Wednesday alone, including in Chicago, Miami, Houston and a dozen other regions policed by the FBI.

In a separate sweep, two former Bear Stearns managers in New York were indicted and taken into custody Thursday on criminal charges related to the collapse of the subprime mortgage market. Matthew Tannin was taken into custody outside his New Jersey home and Ralph Cioffi was arrested at his New York City home, the FBI said.

An indictment unsealed in federal court charged both men with securities and wire fraud, and Cioffi with insider trading.

In a separate complaint filed Thursday, the Securities and Exchange Commission alleges that in the first five months of 2007, Tannin and Cioffi “deceived their own investors, as well as the fund’s institutional counterparts, by fraudulently concealing from them the full extent of the fund’s deepening troubles.”

The complaint says that in March 2007, Cioffi withdrew $2 million of his own money from a hedge fund without revealing to investors that he was substantially reducing his exposure to the toxic loans.

Reports of mortgage fraud have soared over the past year as the subprime mortgage market collapsed and defaults and foreclosures soared.

Banks reported nearly 53,000 cases of suspected mortgage fraud lnationwide ast year, up from more than 37,000 a year earlier and about 10 times the level of reports in 2001 and 2002, according to the Treasury Department’s Financial Crimes Enforcement Network.

The most common type of mortgage fraud was misstatement of income or assets, followed by forged documents, inflated appraisals and misrepresentation of a buyer’s intent to occupy a property as a primary residence.

Over the last several months, the FBI has been investigating an estimated 1,300 mortgage fraud cases — including 19 involving subprime lending practices by U.S. financial institutions.

The Justice Department also is expected to ask Congress for more money to help combat mortgage fraud as part of a larger funding request to curb white collar crime and violent crime.

http://www.msnbc.msn.com/id/25259083

The most common type of mortgage fraud was misstatement of income or assets, followed by forged documents, inflated appraisals and misrepresentation of a buyer’s intent to occupy a property as a primary residence.

How does the above types of Fraud relieve the purchaser from Responsibility. Just because lenders fraudulently tweaked the paper work to get some into the House THEY WANTED does not mean it is not their fault. If my Banker offers to lie to help me get a loan on a house I can not afford, it is up to me to realize what I can afford and not go for the deal.

Sure the lenders are wrong and acting criminal in this under handed types of loans. But if a person buys a new home and loses it, it is their fault not the guy who loaned them the money! Liberals never want to have personal responsibility for their actions!

If you can not afford to own a home then rent! The world needs renters also, otherwise us with rent houses would not make any money! :wink:
 

hopalong

Well-known member
Was Goodpasture doing the appasials?? :roll: :roll: :roll:
No, more than likely not likley we all know how self rightious he is :roll: :roll: :roll:
Look at his posts and his facination with the homosexuals, so we know he is up front and straight :roll: :roll:
 
A

Anonymous

Guest
hopalong said:
Was Goodpasture doing the appasials?? :roll: :roll: :roll:
No, more than likely not likley we all know how self rightious he is :roll: :roll: :roll:
Look at his posts and his facination with the homosexuals, so we know he is up front and straight :roll: :roll:

I didn't see a thing in this thread about homos- til you brought it up.. :wink: Sexual fantasies plus multiple personalitites -eh :???: :wink: :lol: :p
 

fff

Well-known member
Oldtimer said:
hopalong said:
Was Goodpasture doing the appasials?? :roll: :roll: :roll:
No, more than likely not likley we all know how self rightious he is :roll: :roll: :roll:
Look at his posts and his facination with the homosexuals, so we know he is up front and straight :roll: :roll:

I didn't see a thing in this thread about homos- til you brought it up.. :wink: Sexual fantasies plus multiple personalitites -eh :???: :wink: :lol: :p

That's a topic that he just can't seem to leave alone. Is he trying to tell us something?
 

CattleArmy

Well-known member
Oldtimer said:
hopalong said:
Was Goodpasture doing the appasials?? :roll: :roll: :roll:
No, more than likely not likley we all know how self rightious he is :roll: :roll: :roll:
Look at his posts and his facination with the homosexuals, so we know he is up front and straight :roll: :roll:

I didn't see a thing in this thread about homos- til you brought it up.. :wink: Sexual fantasies plus multiple personalitites -eh :???: :wink: :lol: :p

:D OT I think you are on to something. :D See that's the thing with so many Id's some can be straight and some can be homosexual. Some can be conservative and some can be .........
 

aplusmnt

Well-known member
CattleArmy said:
:D OT I think you are on to something. :D See that's the thing with so many Id's some can be straight and some can be homosexual. Some can be conservative and some can be .........

I could see a person faking his sexual preference through various user names, but a Conservative playing like he is a Liberal, that would just be to far of a fetch to pull off :wink: :lol:
 

Goodpasture

Well-known member
aplusmnt said:
CattleArmy said:
:D OT I think you are on to something. :D See that's the thing with so many Id's some can be straight and some can be homosexual. Some can be conservative and some can be .........

I could see a person faking his sexual preference through various user names, but a Conservative playing like he is a Liberal, that would just be to far of a fetch to pull off :wink: :lol:
It takes genuine thoughtfulness and compassion to be liberal. If they had the ability to think, or they had the least iota of compassion, they wouldn't be conservative in the first place.
 

Sandhusker

Well-known member
Goodpasture said:
aplusmnt said:
CattleArmy said:
:D OT I think you are on to something. :D See that's the thing with so many Id's some can be straight and some can be homosexual. Some can be conservative and some can be .........

I could see a person faking his sexual preference through various user names, but a Conservative playing like he is a Liberal, that would just be to far of a fetch to pull off :wink: :lol:
It takes genuine thoughtfulness and compassion to be liberal. If they had the ability to think, or they had the least iota of compassion, they wouldn't be conservative in the first place.
:lol: :lol: :lol: :lol: :lol: Yaaaaaa Riiiiiiiiiiiiiiiiiiiiiiiiiiiiiiight
 

aplusmnt

Well-known member
Goodpasture said:
It takes genuine thoughtfulness and compassion to be liberal. If they had the ability to think, or they had the least iota of compassion, they wouldn't be conservative in the first place.

Lets see, Conservatives are known for being better off financially or Rich as you guys like to call them. That takes some pretty good intelligence to pull off.

Then as 20/20 investigated and proved Conservatives are way more charitable than Liberals which would translate as compassion. Just look at one of the biggest seperating points of a Liberal and a Conservative, abortion. Tell me which is more compassionate kill a baby while in the moms womb or take responsibility and let that Baby live?
 
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