What is Digg?42 Comments
- blueroo, on 10/12/2007, -0/+35So you don't mind if I steal a few hundred thousand dollars from you? Because that's what happened to this man. How can you justify such a hienous act by simply dismissing it because it happened to a landlord? Buying homes and renting them out is a legitimate profession. Given that this man is 89 years old, this is probably his only source of income.
You fail, miserably, at being a compassionate human being and at showing any signs of intelligence. - jeffiek, on 10/12/2007, -2/+25"because Ontario law recognizes the transaction as valid where the purchaser is unaware of the scam."
Wow. That puts a real burden on the purchaser and the mortgage company to make sure they're buying from the actual owner, doesn't it?
So much for the theory that government is there to protect it's citizens. - theblooms, on 10/12/2007, -1/+22@maximusdublin
You sir, are an incredibly stupid *****. - d7415, on 10/12/2007, -0/+21'Reviczky says he was surprised to see at the bottom of the power of attorney [...] a notation that the document was "acknowledged before me this 18th day of April 2006 by Reviczky Paul, who is personally known to me of who has produced Drivers Licence." ' (by a named lawyer, Sheldon Caplan)
That lawyer looks like a good point of responsibility to me - surely that in itself is fraud, making him liable? - TheSkinsFactory, on 10/12/2007, -1/+22Maximusdumbass: You're an idiot. Eat more fish.
- szelij, on 10/12/2007, -0/+19Usually if the person chases through the courts, he'd get his property back. The sheer amount of negative publicity can push people to return things to you. What this fella needs to do is find the bank that gave that mortgage, and the person that bought the house on the first place and name them publicly.
Sure it's an ***** thing to do but everything's fair game now. - inactive, on 10/12/2007, -1/+20I've been waiting for this to happen... in a real estate market that that has peaked or is in the process of declining, people (and banks) will do anything (including lowing the standards of due diligence) to sell a house. Cross that with veterans' identity disclosures and you have a potential field day for thieves who can figure out methods for purchasing and "flipping" property (keep in mind, they can flip the property at way below market value since they're never going make good on the initial loan). The payout is so much higher than ripping off credit cards a couple hundred dollars at a time and the risk of being caught so much lower that I can't believe that this type of fraud hasn't been more in vogue.
- converge, on 10/12/2007, -0/+16possibly the stupidest comment i've ever read.
- GalacticCmdr, on 10/12/2007, -0/+13I imagine that you could go back to the lawyer that issued the poa since the person in question was not known to him and he did not investigate any IDs presented to him.
- ChessPoker, on 10/12/2007, -0/+12Why is there a law that allows the owner of his land to lose it without his consent? It's ridiculous!
- DrGonzo, on 10/12/2007, -0/+11@maximusdublin:
You are one heartless sonovabitch for making comments like that. - daball99, on 10/12/2007, -4/+12First, we shoot all the lawyers.
- sroske, on 10/12/2007, -0/+7The lawyer lied on the POA. He should lose his license and be sued.
- inactive, on 10/12/2007, -1/+8The inaction of the banks on something this easy to prevent leads me to believe there are high-level employees working with the mob/biker gangs.
Far from a lone occurance, this crime is extremely common! They had a documentary on CTV about it, and the owner gets screwed because banks are "above the law" here. If a bank steals $200 from you nobody investigates and nothing is done, if you steal $50 from them it's prison time.
***** the banks! - martalli, on 10/12/2007, -0/+6It is an incredible breach in the idea of private property. This makes Canada look like some third world countries where absent landowners are routinely usurped by squatters, with little practical recourse.
- cakefart, on 10/12/2007, -0/+6No one should have to lose a penny here, except the underwriter for the title insurance.
- sroske, on 10/12/2007, -0/+5I googled for Sheldon Caplan and found a number, but I think it's been disconnected. Perhaps he's living in the Carribean now. He should go to jail, or be made liable for all expenses incurred by all harmed parties.
- BonnieW, on 12/27/2008, -0/+3Dear Santa, Reno’s Rose Newman, Keith Gledhill & Valerie Mapes of Prudential Nevada Realty Have Been Very Bad Girls & Boys This Year.
Reno, Nevada Rose Newman, Keith Gledhill & Valerie Mapes of Prudential Nevada Realty Have Been Very Bad Girls & Boys This Year. Unethical, arrogant, illegal, doesn’t care attitude, uppity, sloppily dressed, greedy, corrupt, and just plain mean-spirited. Same for the agents working there.
Obama Has The Integity while You Betcha It’s Christmas, Sarah Palin has zero integrity along with the Republicans and other right wing nut jobs. Ah Reno, Nevada Rose Newman, Keith Gledhill & Valerie Mapes of Prudential Nevada Realty Have Been Very Bad Girls & Boys, George “Wanker Bush, Richard “Dick” Cheney, and Donald Rumsfeld, they and integrity DO go together like Hot Mature Cheerleaders, http://www.babelation.com/?q=node/1321, Sarah Palin and a moose/caribou/reindeer petting zoo.
The Nevada Real Estate Division has also been very bad girls and boys.
Here are several Realtor stories of Realtors being very bad boys and girls and why we don’t need nor want them:
Bizarre Among Us, Realtor Newman, http://www.broowaha.com/article.php?id=3592
Retards Among Us, Realtors, http://www.broowaha.com/article.php?id=3545
Cheaters Among Us, Riley, http://www.broowaha.com/article.php?id=3526
Heroes Among Us, Broch, http://www.broowaha.com/article.php?id=3477
Contempt Among Us, Hopson, http://www.broowaha.com/article.php?id=3457
Greedheads Among Us, Gledhill, http://www.broowaha.com/article.php?id=3448
Bullies Among Us, Mapes, http://www.broowaha.com/article.php?id=3404
Cheaters Among Us, Homier, http://www.broowaha.com/article.php?id=3397&do ...
Outlaws Among Us, Zane, http://www.broowaha.com/article.php?id=3394
Cheaters Among Us, Kings, http://www.broowaha.com/article.php?id=3377
Zeroes Among Us, Scheible, http://www.broowaha.com/article.php?id=3372
Cheaters Among Us, Maree, http://www.broowaha.com/article.php?id=3351
Cheaters Among Us, Sickler, http://www.broowaha.com/article.php?id=3320
Cheaters Among Us, Gledhill, http://www.broowaha.com/article.php?id=3300
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
Mrs. Claws - SAOSiN, on 10/12/2007, -2/+5Why? There already going to hell.
- RobotCitizen, on 10/12/2007, -1/+4@SAOSiN
Not soon enough. - BlogCruiser, on 10/12/2007, -0/+3It was a good article pointing this out and hopefully it is making people and legislators aware that this is wrong and needs to be fixed "NOW".
In the article itself was the statement,
"Ralph Roberts, a Michigan-based expert on mortgage fraud, says inroads will not be made into burgeoning real property and mortgage fraud until more homeowners and legislators become aware it exists. "There is not enough of a public awareness," he says. "People just keep getting dragged into it one after another."
This article is a start itself help let people know and digging it helps too. The law needs to defend the owners better and the crime needs to be made more difficult to execute!
- rataplan, on 10/12/2007, -0/+3Paul Revicsky is my uncle, the woman quoted at the end of the article is my mother.
The article doesn't mention the fact that the house he lives in (in North York) was burglarized a couple months before the fraud. We're almost certain it was the same people as they took all of the records for the rental property, as well as his late wife's jewelry and other belongings.
All comments and advice are very much appreciated digg users. - jeffiek, on 10/12/2007, -0/+2"until more homeowners and legislators become aware it exists."
I thought that was what legislatures were PAID to do. Is it possible they're taking their salaries under false pretext? - 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 - diggduggjoe, on 10/12/2007, -0/+2Well, the title search would be fine. The person who sold it appears to be the right guy and he most likely owned the home free and clear. The guilty ***** is the lawyer that did not check out who he was dealing with. The result should be the mortgage is VOID, all funds and fees go back to the buyer and the property goes back to the rightful owner. If, the lawyers would be on hook for this problem, they would be sure that they were working with the real people.
I will never move to Canada. Bring any homeless guy with a fake ID to a lawyer and get POA over anybody's assets. Seems that it was far too easy! I checked with Canada411.ca and I am sure I found Paul Reviczky of North York. In fact, he is the only listing in Ontario. It took to 60 seconds and within 60 more I could call him to confirm, if we was at my office. Seems to be a lazy lawyer, or one far too trusting to be a lawyer. - 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 - jefferson, on 10/12/2007, -0/+2ya find the guy who did it though that might be difficult cause i would suppose he used a fake license. I have the original article here and the image of the license in the paper is poor at best.
- partyonaisle7, on 10/12/2007, -0/+2Is there anything -we- can do about this?
- CrashKC, on 08/25/2008, -0/+2Digg Army! ATTTTTTACK!!!
- JohnnyMi25, on 10/12/2007, -0/+2" Usually if the person chases through the courts, he'd get his property back. The sheer amount of negative publicity can push people to return things to you. What this fella needs to do is find the bank that gave that mortgage, and the person that bought the house on the first place and name them publicly." - szelij
First off my mother has had the same thing done to her and NO it does not work like that (her instance happened in 02 it is now 06) neither Scotiabank nor Toronto Dominion have made any effort to "return" anything to her. - nogami, on 10/12/2007, -0/+1I wonder if you "really" wanted to hang-onto your house and make sure it was never sold from under you - if you could register your own lein on the property for like $1 or something - in effect "locking" the title? (although I think the fee to register a lein is over $200).
- ElGstr, on 01/15/2009, -0/+1Bribes, works first time every time for getting a mortgage fraudster or real estate fraudster off.
Actually the FBI WAS told, years earlier than 2004, repeatedly, about mortgage fraud. Years earlier the FBI was GIVEN names, dates, places, addresses and evidence in the public records, and still did NOTHING about the mortgage fraud. I think the FBI was also accepting bribes from the mortgage fraudsters. There's evidence that suggests that happened in Northern Nevada. Along with bribes accepted by the Nevada Mortgage Commission, Nevada Real Estate Division, Reno-Sparks Association of Realtors, Judge Fidel Salcedo, and Judge Steve Elliott.
In Northern Nevada FBI Agent Glen Lovedahl and his supervisor were given a preponderance of clear and convincing written evidence from lawyers Kent B. Hanson and Mitchell Wright of MILLIONS of dollars of Reno mortgage fraud, threats, bribes offered and accepted. The investigation had already been done, yet the FBI did NOTHING about it.
Check out these Among Us mortgage fraud exposes at http://www.broowaha.com/profile.php?id=1516
Wells Fargo Sucks, they’re just a bunch of Mortgage Fraudsters
Countrywide 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.
El G - martalli, on 10/12/2007, -1/+2Now I really do have a bridge to see you!
- jefferson, on 10/12/2007, -0/+1Could this not easily be fixed by finding the previous two or three owners of the homes and finding out who they sold the house to? When you buy a used vehicle in ontario you get a package that tells you the previous owner or owners I cant remember exactly how many that way you know if your getting the car legit or if their are any leins.
Example I want to buy a house of person A i get a list of the people who owned it before person A I can trace the ownership history back at least two exchanges. I can contact those people and say did you sell your house to so and so and if they say I never sold my house then the scam is cooked. - techietec, on 10/12/2007, -0/+1There must be a way to fix this. If the law is at fault that badly, then the government should fix it and make good on it for them. Then they should focus on tracking down where that money went and throw them in jail. Imagine... hard to believe there are people like this on the planet taking up valuable space.
- inactive, on 10/12/2007, -4/+4Then the state can pay for his homelessness.
Take the state for everything its got for the homeless. place a huge burdon on the health system, make the tax payers PAY :) They made the laws (by supporting their representitives by their inaction). - foreclosurenews, on 10/12/2007, -0/+0if they can forge the deed they can forge another like the satisfaction. there is no limits to criminality
- oOLiquidNightOo, on 10/12/2007, -2/+1yeah, this story seems sensationalized. depending on the policy, title companies may or may not cover frauds (forgery etc). normally, title insurance insures that the property doesn't have any clouds or liens (recorded) against the property that would prevent it from legally changing hands.
regardless, when this situation was brought to either the bank or the buyers attention, they're (at least long term) are going to be the one with the problem on their hands. - sysadmn, on 10/12/2007, -11/+1Not a bad thing... unless you ever want to rent property in Ontario. Expect to start having to give blood, fingerprints, and four forms of id in the future. You only thought a driver's license and credit check were intrusive.
- maximusdublin, on 10/12/2007, -55/+0Let me see....
A house owned solely for the rental profit value is sold to someone else who doesn't intend to live there, by a third party who only stayed there for a short time. Nope, not feeling their pain. None of these people have yet to lose the place in which they _live_, only the extra rental properties. Looks like getting out from under the fraudulent loans isn't the problem so much as getting back ownership of a property they didn't want to live in the first place. The entire scam seems to depend on gaining possession of the house in some real way, i.e. moving in after renting. So don't unfairly profit from a place you do not live and the odds of getting scammed drop a lot.
No one in this story has been made homeless, it's quietly mentioned that only landlords are in danger of losing property. And really that's not a bad thing.
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