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ArchiMotion
Joined: 31 May 2008
Posts: 315
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 Posted: Thu Jun 19, 2008 9:48 pm Post subject: Mortgage Fraud Arrests - Genuine or Scapegoats? |
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Mortgage Fraud Arrests - Genuine or Scapegoats?
I think I am not the only, but I believe the latest mortgage fraud arrests are actually a means to blame a few scapegoats and hide the true source of the problem from the public. Really, honesty, how could the latest people arrested really have predicted all the implications and dangers of the loans they were managing, under very complex investment buy-outs and uncertain lower level risks of sub-prime mortgage investors? It is easy to trick the public and make it look simple, but really was it that simple, from an investment and experts point of view. Who could foresee the fallout and cascade effect to be so widespread?
Not that this is another conspiracy theory, it is just a part of the big picture of lyes and deception our government is playing out on us on a daily basis.
With this said, now we need to come up with the evidence to prove this.
Actually, it could be a way also to increase the grip the US government has on business, control, manipulation of media, and to hide it's underlying intent, motivations and responsibility behind many global problems which we have seen recently, with the housing crisis only one of them. With a fiasco of this scale, it is easy to put blame on a few rogue investors, thus deviating the public attention away from the governments shemes and involvement in in the power of leverage provided by market dis-stabalization. More on this later.
With this said, it would be good to see other opinions on this subject.
And another good one for you - classify rape as a weapon of war?
So this would only justify the use of rape as a means to gain information from the enemy and also relieve many of charges of committing a war crime - another absurd ruling in these wretched times of mis information. |
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ArchiMotion
Joined: 31 May 2008
Posts: 315
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| Posted: Thu Jun 19, 2008 10:11 pm Post subject: |
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Doing just a few click searches, I already came up with evidence for my suspicions -->>
http://www.abovetopsecret.com/forum/thread364675/pg1
reply to post by Vitchilo
| Quote: | | That is the part that bugs me about these arrests. I fear they are going to snag a bunch of low level workers, who needed that paycheck and were just doing as they were told. (Though that doesnt justify doing wrong if you know what you are doing is wrong) I am afraid they are going to let the people who set the whole game up skate off. As often is the case. |
and --->>
reply to post by Illusionsaregrander
| Quote: | Well considering in many states it is actually an attorney who does the closing (by law...look it up) legal advice is not that difficult to come by. Especially when it comes to making the largest purchase of your life time, spending a couple of hundred dollars to hire an attorney to help sort things out doesn't sound like such a bad idea. ESPECIALLY if you are having difficulty understanding what it is that you are signing.
As far as predatory lending goes, yes it does happen. But nowhere near as often as people may believe. Do you not see that the mortgage industry is one of the most regulated of any in the country. Full and complete disclosure of terms is required by law ad nauseum, a written Good Faith Estimate is required within three business days of application and pulling credit. There are compliance forms that must be signed by both the lender and the borrower prior to even beginning a loan application, fully advising your of your rights as a consumer.
What more can be done to inform a borrower? Times that by the fact that you have a minimum of three full business days to review your final paper work or have someone else review it for you. Three full days to decide wheather or not you made a clear decision, what other industry offers that type of fail safe? It is funny that people will dog out loan officers for making 1-3% on a loan transaction (we are limited by law to how much can be charged...look up Section 32 mortgage laws if you dont believe me)...yet they are more than willing to pay a realtor 6-8% of the loan amount for doing virtually nothing. And most times the realtors are the ones trying to land people on more house than they can afford, so that they can make more money.
Do you feel that it is a sale persons job to give you a product at cost? Do you not feel that a reasonable profit should be made in order to stay in business? Do me a favor, next time you buy a car, why don't you ask the car salesman to give you three days to decide if you were given a fair deal, see what he says. Or better yet, when you go to the mall to buy a new coat or go to Home Depot to buy a new washing machine, go ahead and ask them how much mark up is in that product. If you are fortunate enough that they actually tell you, I can assure you it will be a lot more than 1-3%.
Bottom line is this.....there are some people out there who are legitimately victims of predatory or unscrupulous lending practices. But the other 99.8% are people who bought more than they could reasonably afford, or bit off more than they could chew. I am not anti-consumer, in fact I counsel people who have had difficulties and a lot of people who are facing foreclosure. Not saying they are bad people, things happen like job loss, death or illness in the family etc, but to take away any blame from a borrower who did not look out for their own best interests, or knew they could not afford the house they were buying but did it anyway, that is irresponsible and unfair to mortgage professionals who actually do their job correctly. |
and here --->>
http://www.talkleft.com/story/2008/6/19/14549/0380
| Quote: | dianem: (5.00 / 1) (#6)
by cpinva on Thu Jun 19, 2008 at 01:58:14 PM EST
i agree with you, up to a point. i'm a cpa, pretty well versed in the complexities of the various types of debt available in the residential mortgage industry (heck, i even know what a "wrap-around" is!). however, it doesn't require a cpa to figure out that if you make $50,000 a year, you can't afford a $500,000 house, regardless of the type of financing used.
this just defies common sense. yet, people were doing it, having been "talked" into it by the professionals. as it turns out, not much talking was required, because those people just really, really wanted to buy those houses! then, when they couldn't keep up with the morgage payments, they blamed the broker for talking them into it.
the point is that there was collusion on all sides, not just the sharks having their way with the bait. in many cases, the bait willingly and knowingly jumped right into the shark's mouth. |
and here -->>
http://au.news.yahoo.com/080619/19/17cvn.html
| Quote: | Edward Little, lawyer for Cioffi, said the two men were being used as scapegoats in a crisis that was not their fault.
"The subprime crisis took everyone by surprise, including the Fed and Treasury, and dozens of the largest financial institutions have lost over 300 billion dollars to date on the same investments," the lawyer said in a statement.
"We are shocked and disappointed that the government has seen fit to fix blame on these two decent men. The good news though is that there will be a trial, and we look forward to the day they will be vindicated." |
Now Bush commits treason, lyes to the American people and gets us into a freaken international mess, destroys the value of our dollar by printing to much money he is spending on his war mongering, and then now a few investment bankers are prosecuted as criminals, guilty until proved innocent ?
What type of system is this? People arrested before endighted, or endighted before a fair trial, whatever you call it, unjust, unfair, system of civil persecution and government control and terrorism against its people. |
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