What is Digg?Sponsored by Best Buy
My wife likes to take pictures of everything. Got any ideas? view!
bestbuy.com - With a Kodak(r) EasyShareTM 3X Zoom, she'll have impressive 10.2-megapixel performance, right at her fingertips
68 Comments
- gfh10h, on 06/20/2008, -5/+23Buried for inaccuracy, 300+ arrests, 406 defendants charged.
- rpi22, on 06/19/2008, -0/+17perfect timing!
- duggdowncatisad, on 06/20/2008, -1/+16These people turned average neighborhoods into giant gambling casinos and duped working families into essentially betting their life savings on red in a game rigged against them from the beginning. They also looted pension funds for trillions of dollars, jeopardizing the retirement of millions of workers just as social security is imploding. These lowlifes deserve to hang.
- SemiSarcastic, on 06/20/2008, -1/+15Chances are they're all low level crooks, wake me up when they start nabbing ring leaders.
- McShr3dd3r, on 06/20/2008, -0/+12About time...
Oh snap, time for me to take out a 7th mortgage on my home to pay for the 6th mortgage. - inactive, on 06/20/2008, -1/+11Pay back time.
- ImperialSoren, on 06/20/2008, -0/+8it's going to take some extra prisons to get all the "crooked mortgage brokers, real estate agents, and industry officials" the whole industry is a pretty slimy deal. the fact that you are almost guaranteed to get a last second interest hike once they get you committed to a house is a scam that's been put up with for too long. these people specialize in acting like your friend as they try to lie and manipulate customers who don't deal with real estate documents on a daily basis. the industry needs to change, I wish the propagators would bear the brunt of this mess but as always it will fall on the consumer/home owner for the most part.
- trer, on 06/20/2008, -0/+7Get a rope!
- inactive, on 06/20/2008, -0/+6Let's see...slap on the wrist, small fine and short trip to Club Fed.
They'll still be laughing all the way to the bank. - Dumbledorito, on 06/20/2008, -0/+6I do wish that Greenspan would be given a rap on the knuckles for not even hinting in one of his speeches that the Fed might actually do its job and at least frown upon one set of greed-head morons giving money to people who couldn't pay it back and passing the risk on to investment funds run by other greed-head morons.
- Barackalypse, on 06/20/2008, -1/+7Here I was thinking this was targeting homeowners that are perfectly capable of paying, yet default because they had negative equity because they speculated and lost and don't feel like they should have to follow through on their contracts. I really wish this article would have told me exactly what they did, "mortgage fraud" is a pretty blanket term..
- TheTruthHurts, on 06/20/2008, -0/+6They should also blame the Media for glamorizing the "Flipping of houses" and alan greenspan for not putting the brakes on the interest rates sooner.
- pintomp3, on 06/20/2008, -0/+5the banks and lenders lobbied for the deregulation of securities that caused this mess:
http://www.prospect.org/cs/articles?article=whats_ ...
"The current high-risk mortgage mess is not so much a new crisis as the result of decades of government deregulation of the financial industry." - swisscheese97, on 06/20/2008, -1/+6wait... did the justice system start working while I was asleep?!
- spec209, on 06/20/2008, -1/+6and now i hope they catch the oil men.
there is not freaken shortage of oil. - stockjones, on 06/20/2008, -0/+5700 thats all. This doesn't surprise me at all just the number. And by the way, the mortgage companies aren't the only one's at fault. There is a bit of personal responsibility in one's ability to understand what they can realistically afford.
- Dr.House, on 06/20/2008, -0/+5wonderful, the vampires will be banished...*****
- wannapiece, on 06/20/2008, -0/+5Wow, I'm glad I got out of the mortgage and lending business. My company was closed due to their employees taking home borrowers confidential information.
Makes me wonder what else they could have been doing illegally. - inactive, on 06/20/2008, -1/+5That's good to point out, but hardly grounds for burying the story.
- virtualonliner, on 06/20/2008, -0/+4If only we could get to some big fish using them. I would not bet on it though.
- marcoponce, on 06/19/2008, -2/+6great well spoken suze orman video on there as well.
- pintomp3, on 06/20/2008, -0/+4some lenders such as ameriquest were defrauding costumers, switching documents and forging signatures:
http://www.businessweek.com/magazine/content/07_34 ...
one thing isn't surprising:
The Bush administration has watched the settlement negotiations carefully because billionaire Roland E. Arnall, Ameriquest’s founder and principal shareholder, is President Bush’s nominee to be ambassador to the Netherlands. The Foreign Relations Committee deadlocked 9 to 9 in November on Arnall’s nomination after several senators expressed concern about the unresolved litigation with the states.
http://www.qctimes.com/articles/2006/01/22/news/na ... - 55mph, on 06/20/2008, -0/+3Watching the banks lending practices was the job of the Fed, Now Paulson wants to give the Fed more responsibility?
- gn0stik, on 06/20/2008, -1/+4If only 300 were arrested, how can 406 be charged?
- netsql, on 06/20/2008, -1/+4Yes, blame the little people.
- ElGstr, on 12/31/2008, -0/+2Wells Fargo Sucks, they’re just a bunch of Mortgage Fraudsters
http://www.babelation.com/?q=node/931
http://www.babelation.com/?q=node/900
http://www.babelation.com/?q=node/839
http://www.babelation.com/?q=node/839
http://www.babelation.com/?q=node/951
http://www.babelation.com/?q=node/1099
http://www.babelation.com/?q=node/952
http://www.babelation.com/?q=node/1072
http://www.babelation.com/?q=node/1306
http://www.babelation.com/?q=node/852
Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo, is a simple, undereducated, preaching buffoon. He is half a baby step away from the homeless people who babble to themselves in the street. He may well be insane, it's hard to tell without seeing him in person. Just stop. Stop embarrassing yourself and go away. Far away. Far away where the terrorist landlords and second home rider fraudsters run free and loan officers illegally make-up loan applications and area managers fire honest loan officers and chase butterflies in fields of sunflowers. Go be with the terrorist loan officers and second home rider fraudsters, Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo. Let them pet your head and tell you the truth. Now go Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo, be free, be with your people. Run along sweet cheeks, run along. Good boy, good....
“Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo, you lookin' at me? You look' at me? Are you lookin' at me?" It's awesome. Not only is he dumb dumb, he’s totally looped Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo, you can't hide what you are and what you do. You are a sanctimonious psycho bitch. I think Bristol Palin’s retarded fetus is more qualified to be human or a loan officer than Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo is. Prudential Nevada Realty’s Keith W. Gledhill Mortgage Fraudster, are you trying to out-stupid yourself?! If so, mission accomplished boy! Go treat yourself to a Nazi pie! Reno’s Mortgage Fraudster Richard Vaughan, formally of Wells Fargo, if you send me a postage pre-paid 3 x 3 x 3 box, I'll mail you the ***** Eleanor and Gertrude produced on your fraudulent second home loan applications and fraudulent home loan applications. I can also send you a clump of their urine (complete with litter) if you like. Next person to call this dumb, crazy prick a dick will get a -1 on their comment from me. Take that, potty mouths.
Now Is The Time For All Good Citizens To Save Their Cash, http://reno.broowaha.com/article.php?id=3891;
and In God We Trust; All Others Must Pay Cash, http://reno.broowaha.com/article.php?id=4128;
and Jack Cafferty, Equal Opportunity Gadfly, http://www.broowaha.com/article.php?id=4425;
and Corporationism Rules Or The Dog Gets It, http://www.broowaha.com/article.php?id=4265;
and No More Donations Without Representation. http://reno.broowaha.com/article.php?id=4375;
and Good Guys Don't Have Degrees Of Integrity, http://reno.broowaha.com/article.php?id=4247;
and Flame Wars, http://www.broowaha.com/article.php?id=4347,
and Does He Play Well With Others?, http://www.broowaha.com/article.php?id=4343,
and Who Is A Reporter, Given The Millions Of Bloggers?, http://www.broowaha.com/article.php?id=3684.
El G - JustAverageJoe, on 01/12/2009, -0/+2I think it's justifiable homicide to just kill all these mortgage fraudsters.
JUSTIFIABLE HOMICIDE - That which is committed with the intention to kill or to do a grievous bodily injury, under circumstances which the law holds sufficient to exculpate the person who commits it.
It is justifiable when the party kills in lawful self-defense. Homicide can be considered justifiable homicide if it is committed in self defense, the defense of others, WHILE TRYING TO PREVENT A SERIOUS CRIME, and in the line of duty. Justifiable homicide can also be committed to protect someone else, particularly one's family members or sometimes IN DEFENSE OF A RESIDENCE.
Justifiable Homicide? You Decide, http://www.babelation.com/?q=node/1448
And I add for the safety and well-being of their clients, customers and community!
http://www.broowaha.com/article.php?id=3448
http://www.broowaha.com/article.php?id=3421
http://www.broowaha.com/article.php?id=3404
http://www.broowaha.com/article.php?id=3377
http://www.broowaha.com/article.php?id=3351
http://www.broowaha.com/article.php?id=3300 - samthurston, on 06/20/2008, -0/+3"The losses in the mortgage fraud cases cost consumers more than $1 billion, Mueller said."
hmm, can anyone think of any business ventures that cost taxpayers $1 billion dollars? Silverado Savings & Loan anyone?
Thank you Neil Bush, for making the mortgage racket look like a bunch of upstanding citizens. - ch33sehead, on 06/20/2008, -0/+3Some could have been charged without being arrested?
- MorganaReno, on 12/24/2008, -0/+2Craig’s segue between his Among Us mortgage fraud exposes in Reno BrooWaha, http://reno.broowaha.com/, and his Is Your Lender A Patriot Or Terrorist?, http://reno.broowaha.com/article.php?id=3462, and my article Blame The Greedy Home Loan Lenders for This Frightening Recession, http://www.broowaha.com/article.php?id=3352 is seamless. Craig has laid track on which a mighty train is now running. Every home loan borrower should immediately take Craig’s letter, modify it to their particular dollar amount and interest rate, and present it to their lender.
“There are things known, and there are things unknown, and in between are the doors.” Jim Morrison. There is another reason to add to Craig’s argument/doors for Note Modification. That is the millions of Short Sales the lenders have approved through their vigorous efforts. A Short Sale is when a home is sold for less than what is owed on it. It is repugnant how those Short Sales put millions of Americans out of their homes. Just Do The Required Home Loan Modification, http://www.broowaha.com/article.php?id=4070.
Craig’s exposes, http://www.broowaha.com/profile.php?id=1516, and my article, now combined, lay out a basis for our understanding and answers Craig’s two questions of “1) why have lenders not followed them before, and 2) why have lenders instead chosen their senseless fanaticism to foreclosure?” Years ago, I wrote about it. I correctly predicted it. The reason is the loan origination fees. A sale generates them in the buyer’s loan(s). Moreover, they are an enormous amount per loan. A Note Modification does not. That is why the proposal to refinance into a government backed, insured or subsidized loan is untenable. It is swaggering jargon that confirms lender smallness in their thinking. It is more houses of cards and smoke and mirrors.
A Short Sale or a refinance do not benefit the borrower. Neither benefits the American taxpayers. Neither benefits the American economy. A Short Sale and a refinance only benefit the lenders. They are strong evidence for more Bait & Switch loan practices. Are decent people really that easy to manipulate?
The point is that lenders have already approved millions of Short Sales. Lenders used these Short Sales to drive, deliberately, Americans out of their homes knowing they would be future homebuyers with future home loans. Lenders created the problem and created for themselves future profits. It was draconian. A Note Modification would have avoided that. Lenders are already approving a reduction in principal aka loan forgiveness in these Short Sales. They can do as you pointed out, the same allowed for loan forgiveness in a Note Modification. Then the homeowner remains in their home.
In B-school, I learned about the impact of Porter’s Five Forces on Competition. Home loans provide one test of the efficient market hypothesis. Efficient market theory is a theory that all available information is reflected in the current price of an asset. Higher return aka yields mean higher risks. These characteristics are built into the price and hence the returns. Any investor, such as a lender, can only adjust the return to their portfolio by adjusting risk. For a lender, a performing home loan, one being paid back, is an asset on their books. We shall not get to the truth if we prematurely dismiss wrong behavior as merely everyone does it. I have made this argument before and I still stick by it. Lenders are consciously not reflecting all information when they price their product aka loans. My argument is built on four premises. One is that American lenders make decisions based on the short-term rather than the long-term. The other is the cost to lenders of imperfect competition. The third is the role of government in home loans. The fourth is lender greed.
First, American lenders make decisions based on the short-term rather than the long-term. There is a difference in the time-horizon in which American managers, and foreign managers are trained to think in. American managers are trained to think of today’s bottom-line profits. For lenders, this quarter’s profits even at the economic expense and social cost of tomorrow’s foreclosures. European, Japanese, Indian, Canadian and increasingly, Chinese, Middle-Eastern and South American managers, are trained to think of long-range growth. A weakness of short-term thinking is that it does not take into account technology or the employment/unemployment rate. Nor does it look at barriers to entry, government regulation and intervention, or even nationalization. The results of short-term thinking have always been costly to America. The cost to America will continue to grow in the free-for-all of global competition unless we change our managerial and savings habits. That change will free up more money for capital investment.
Lender’s tradeoff is the cost of one option, short-term profits, in relationship to another, future foreclosures resulting from those past short-term profits. Like all of us, lenders must make a tradeoff because resources are scarce. Cost is not just the direct expenditure. It is also opportunity cost. The way we calculate tradeoffs is by comparing the cost of one option to another. If I have already made an expenditure, and I cannot recover it no matter what choice I make, it’s known as a sunk cost. Economists say that a rational person should ignore sunk costs.
Opportunity cost is the benefit lost of my next-best option. The benefit I lose is measured by the value of the next-best, alternative use of my option. It is a sacrificed opportunity or resource. Specifically, it is the foregone probability of my next-highest-valued alternative. I must always give-up the next-highest-valued choice for the opportunity selected. I make a tradeoff. A tradeoff is a choice, and all choices cost an opportunity elsewhere. The opportunity is forever lost.
There are several relationships to make the change to thinking in long-range growth. Some are defining the management change, establishing the process, identification and selection, negotiation, and implementation. There is also the managing the ongoing relationship via the organizational structure, its service delivery process and management controls.
Second, the costs of imperfect competition. Advertising manipulates consumer tastes to a considerable degree. Home loan lenders all have the same investors they sell their products/loans to or have them insured by. The are Fannie Mae, Freddie Mac, HUD, VA, Wall Street, or for their HELOCS (Home Equity Lines of Credit) their own Loan Portfolio Credit Committee. Lenders expensive attempts for product differentiation are carried to the point of silliness and substantial economic waste all at the expense of the borrowers. The strength of my argument is in the evaluation of the transaction costs to these inefficiency costs. Implementation difficulties are the reallocation of resources.
Third, the role of government in home loans. I believe the call is way long overdue for a return to American pragmatism in economic policy to use government to represent the interests of the future to the present. The public sector must be actively used to support and strengthen the private sector. Enforce what’s already on the books! To fight and fight again against fraud, and to never stop fighting to keep evil at bay, if not eradicated. Boy, did the FBI, State Attorney Generals, State Real Estate Divisions, State Mortgage Divisions, County District Attorneys, local police and sheriffs, and the National and local Association of Realtors ever drop the mortgage fraud enforcement ball.
Fourth, lender greed. Let us step out and pursue that flighty temptress, fraud, was their mantra. What we have here is an illustration of fate’s penchant for irony. Craig’s exposes show it all too well. These fraudster’s lies, mud, red-herrings, threats, and smoke are the marks of ineptitude not expertise. The fraudsters willfully acted with reckless disregard of the truth or the consequences of their actions.
D.E: "President Bush signs HR 3648, The Mortgage Forgiveness Debt Relief Act of 2007. It created a three-year exception for debt forgiveness on home loans."
Sir Madmaxx: so correct.
Good Guys Don't Have Degrees of Integrity, http://www.broowaha.com/article.php?id=4247
A Question Of Corporate Executive's Character, http://www.broowaha.com/article.php?id=4173
Corporationism Rules Or The Dog Gets It, http://www.broowaha.com/article.php?id=4265 - GRTWHT, on 06/20/2008, -0/+3CEOs, Fund Managers and Bank Presidents don't get nabbed in the US, what were you thinking?!
- SellerFinancing, on 07/01/2008, -0/+3As usual, our wonderful government will nail a few people and make some big headlines. But will they get the "big guys"? Or will they continue to bail out their buddies like they did with Bear in the interest of saving the country? I think we all know the answers.
And while the govt tightens regualtions and increases interest rates while flooding the market with cheap inflated dollars, nobody can buy a house anyway! Traditional lenders aren't lending because there is no market to sell the loans in. If you are looking for a creative way to solve this mortgage problem, check out www.fastsellerfinancing.com for what could be the best solution for this mortgage crisis - GoobGoob, on 06/20/2008, -0/+2That's great but where's the "George Bush, Dick Cheney and Company Arrested for a Long List of Reasons Including War Crimes" headline?
- inactive, on 06/20/2008, -0/+2They need to add Senator Dodd to that list.
- samthurston, on 06/20/2008, -0/+2These people were probably mostly just brokers following orders from corporate boards which are required by law to "maximize shareholder profit."
If you offer someone a loan contract, which they don't read before signing, who is at fault for defaulting on that loan? - inactive, on 06/20/2008, -0/+2Now they need to walk into Senator Dodds office and arrest his dank ass.
- robthom, on 06/20/2008, -0/+2If you dont have or dont plan to buy land then lot rent is what 350-500 a mo, a mortgage is 1000-1500.
But the most important detail is that many people paying mortgages, especially first time home buyers are ONLY PAYING THE INTEREST and will never end up owning their house.
Fools and their money... - AmusedToDeath, on 06/20/2008, -4/+6Oh puh-lease! The only reason most those people got "duped" is because they took out giant mortgages or equity loans they knew they couldn't afford. They're just as much to blame as the crooked lenders that made them the bad loans in the first place.
I think the great SNL publication "Don't Buy Stuff You Cannot Afford" should be mandatory reading for these "victims". - logotype702, on 06/20/2008, -0/+2good..!! now we need to arrest those traders ***** around with the price of oil...
- robthom, on 06/20/2008, -1/+3Who cares.
Unless your rich, only a fool would buy a home attached to this governments land when they can and will just take it away from you whenever they feel like it.
Thats why I prefer a nice doublewide. I'll be taking my home with me thank you! - GRTWHT, on 06/20/2008, -0/+2The person that signed it, of course!
- macdoodle, on 06/20/2008, -0/+2 not so sure of our govt anymore, but i like the FBI more and more.!!!!!
they also would not participate and spoke out against the illegal torture at GITMO .
Thank God someone in ThIS govt. is still representing the people!
TAKE BACK AMERICA IN NOV. - inactive, on 06/20/2008, -0/+2Liberals run the mortgage industry?
Pull your head out of your dumb ass.
The Republicans pushed through legislation during the 90's that removed the oversight and regulation. They lied about what the legislation would do to get Clinton to agree to it.
Do you rightard ***** have NO recollection of history?
The mortgage scandal is a Republican scandal. They supported the legislation to allow this to happen, and they fought oversight when it became clear there was a problem.
Right wing dishonesty is revolting. - inactive, on 06/20/2008, -0/+1I am an idiot for pointing out that the banks are screwing you, btw the cap lock key is on the left.
- samthurston, on 06/20/2008, -0/+1point taken, however lot rent is 100% interest. Home buyers are only paying the interest for the first few years, and then move on to principal.
-
Show 51 - 79 of 79 discussions
© Digg Inc. 2009
— Content created and posted by Digg users is