The Top 10 States for Mortgage Fraud

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soundtracks of AL 7:44AM July 17, 2009

Whatever-ism works, for a while then dies, and the next ism comes along a works for a while. Capitalism has worked for a very few for a lot of years almost 200 years. But what underpinned it? The answer; Free Slave Labor. What proped it up for almost the next hundred years? A Federal Reserve Banking system. Since free labor is gone, and the former slaves, and the next set of paid laborers, have helped to prop up the banking/credit systems, someone thinks that this trend can continue indefinitely. No way, Hosea! Someone better bail-out the people who are bailing out the banks and the big boys, or it all comes crashing down, sooner than we think. Someone better see how John Hanson bailed out America's first bankrupt government, and then make the proper adjustments, by investing in the masses of American workers.

Will of GA 2:40PM March 18, 2009

Mortgage Fraud is negligable compared to the churning of fee income by the big banks as they opened up guidelines to get more loans through and sold to the investment community all over the world. Get the facts. The president and congress encouraged this with their promoting the false notion that everone has a "RIGHT" to own a home. No they dont!
Now the big banks debts are forgiven and we the people get the priviledge of being their financial slaves to rebuild the integrity of the securitization system.
The PRIVATE CHARTER "U.S." Federal Reserve needs to be dismantled and restructered.

D Bloomburg of MD 9:10AM March 18, 2009

Oh come on.
sure it got out of hand but the reason the prices were ballooning is because the money was easy.
When money is easy to get (read: loose, cheap, and being pushed by the lenders) then prices go up artificially because of the ease of credit. When the credit belt tightens the roof comes down.
Saying you flipped 30 or 36 houses and somehow you were "better" than anyone else who came after you - or that the markets turned so that everyone got in on the game (30% of the CA income from 2001 to 2007 was in real estate: agents, brkers, loan managers etc) is still not seeing the problem: the problem was the banks needed another bubble - the tech stock boom had bust - what to do what to do. 9/11 stopped the whole dang country in its tracks and then - what? some guys in so cal had an idea they called countrywide - and another they called indymac - and they made bank too baby ph did they ever.
Blaming capitalism or the crowds who follow a trend rather than create it when the entire market is designed to get you to follow it is just foolishness and grandstanding.
So now you live in Cali by the ocean in your cheaper to buy house that your flips paid for and have a family - so you're "reasonable" and "rational"? Give us all a break dana really.
You had better timing and got out early - but that doesn't make you the god and judge of everyone who followed you.
Plenty of people are just now entering the RE market - in the down turn where it is the best ever - and many of us watched and waited out the whole boom cycle knowing it would have to crash -
the economy is cyclic but when lenders court borrowers the way these guys did (30k for brokering a loan on one house is abit steep don't you think? Who do you think was becoming the new rich on that cycle? Not the borrowers! The new poor are the out of work overpaid mortgage brokers) it's not the same dance anymore and you notice the lenders never pay the piper - the people do.
Oh they may take "losses" or be shut down (they should all be shut down and auctioned off to the highest bidder like their dang houses) but ultimately the guys who schemed the big sub prime and option arm gambits are all riding hight today and their borrowers are all sucking hind teet.
that's not capitalism - that's corruption and greed in the money lending business.

Becky of CA 11:34PM March 17, 2009

the mortgage fraud arena was just a response to the market needs for more loans to less qualified people in the first place...Everyone knew it, including applicants, and everyone is now looking around for someone to blame, somewhere.......its called ---,(capitalism).... it is not the mortgage companies' or brokers', or sales reps' job to EDUCATE the GENERAL PUBLIC on their lifes finances, whether you got screwed on your first home, or your 20th home, it's your fault, it's your baby, and your momma is not here to hold your hand now...this is the REAL WORLD......Mortgage co's just originate + sell loans period, its a business, the more loans the better, the less time they spend with you, the better, more profit per minute, ............but what really ruined the real estate market in the usa in every big city is the following : greed and obsession - by fixer and flippers -----after all the wanna be do it yourselfers, with a few dollars saved in the bank who worked at 7-11 or starbucks, or at the local pet store, during the week for $350 per week wanted to be millionaires with boats and corvettes and inground pools, and talk on the phone making deals all day....everyone cannot be donald trump, sorry..... , it all started inoccently at first by them attending home depot seminars on how to install tile, then.... dozens of tv shows on fix and flip started coming over the airwaves, and all the real estate gurus on tv, for the past 20 yrs telling us real estate always goes up up up !!!.....what did we EXPECT to happen !..BOOM !!!finally, everyone wanted to quit their day jobs, and wanted to be a "FIX and FLIPPER"...or real estate "INVESTOR"...including the Mutual Fund Managers...,home depot was making tons and tons and tons of money.... but, it got to the point where there were no next suckers in line to flip your house to...then it all crashed....I fixed and flipped approx 35 homes in Denver, Co. in the early to mid 90's and made bank on every one...but I saw it coming, I saw it coming, I was in line at home depot once buying things for my current flipper, and so the was the guy in front of me, and so was the couple in line behind me, it was the FIRST one for both parties, and I had been on about number 30 by then,....I felt my stomach drop..I KNEW it was time to get out and I did.... finally, most rehab homes were harder to get, and being sucked up by people who were OVERPAYING for them in the condition they were in. and I was making only 7-10k profit per house, after repairs, instead of 30k like I made on the first 25 homes, it was really time to quit, I did quit in about yr 2000, and then it all unfolded soon after...by the year 2000, and after 9/11/01, for sure, wall street, and fixing and flipping had it's days numbered...I moved to cali, found a nice wife, had a beautiful baby, sold everything I owned in Denver, and now Live with Pacific Ocean View...I escaped..what a mess...fixing and flipping is OVER...time to open a coffee shop/deli and retire.

dana of CA 6:49PM March 17, 2009

In 2003, I bought a new house in Las Vegas, NV, and applied for an 80% mortgage which I could soon pay off from CDs and the future sale of a house I then owned in Kansas City. I carefully and truthfully disclosed all assets. The mortgage person HID those assets on the final typed application so that the mortgage would be more salable by not appearing as one that would soon be paid off.
In 2005, I bought a new house in New Mexico and the story above was exactly repeated.
Funny how I knocked myself out to be truthful both times, and BOTH times the origination clerk somehow managed to mis-state our assets by some sort of on-purpose yet "accidental" errors in the final typed version.

Muser of NM 4:59PM March 17, 2009