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48 Comments
- inactive, on 10/12/2007, -25/+69Selling Windows Vista is nowhere on the list???
- AllenS, on 10/12/2007, -3/+41that's cuz it's not so much a crime as it is a hobby...hehe...
- Shizlanski, on 10/12/2007, -1/+24Yes well it does say reported to the government. Seriously, how many people report piracy?
- inactive, on 10/12/2007, -1/+22#0 - by far - unsolicited spam.
- inactive, on 10/12/2007, -2/+23Heh...piracy is nowhere in there.
- Shizlanski, on 10/12/2007, -0/+15Half (44.9% [not over half]) of internet related crimes reported to the government are to do with auction fraud. What's there to explain?
- Shizlanski, on 10/12/2007, -2/+17You can buy stuff outside of ebay you know... =)
- TiKoZ, on 10/12/2007, -4/+19INTERNET crimes.
- m3mn0n, on 10/12/2007, -9/+22@SalemWin
You've violated 3 digg crimes with your post.
1. No posting "hehe" ever. EVER.
2. No stupid smiley faces.
3. Not knowing the difference between "your" and "you're"
And thus, your buried. hehe :) - newslang, on 10/12/2007, -2/+11This may be a stupid question but what the hell is "computer fraud" exactly? (it's on the list).
- fantasmacanino, on 10/12/2007, -0/+8You can make money off the internets?!?!?!
- TroubleInMind, on 10/12/2007, -0/+6his marketing efforts still totally own our faces
- RiverBelow, on 10/12/2007, -1/+7No, Vista came out in 2007.
- inactive, on 10/12/2007, -2/+5ziosys has committed all 10 of those.
- MorganaReno, on 12/24/2008, -0/+2MORTGAGE FRAUD
Craig’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 - m3mn0n, on 10/12/2007, -1/+3I'd say posting "but will it blend?" & "In soviet russia..." on digg should be on that list.
- benitojuarez, on 10/12/2007, -2/+4I like how all these laws that are imposed to "protect us from child porn" represent One percent of complaints.
- fundriving, on 10/12/2007, -0/+2Solicited spam...It's when you register your software and forget to uncheck the box that says "can we send you tons of freakin email for all of our partners?"
- unknamed, on 10/12/2007, -2/+4Not reading before posting .05%
- swoosh_bnd, on 10/12/2007, -1/+3How about click fraud?
- ElGstr, on 01/01/2009, -0/+1Bribes, works first time every time.
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 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.
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 No More Donations Without Representation. http://reno.broowaha.com/article.php?id=4375;
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 - burntfire, on 10/12/2007, -1/+2Not nessecarily. You could potentially get a friend to bid on your item to hike up the price. Pretty good way to scam people while still delivering the product.
- unknamed, on 10/12/2007, -2/+3I thought for sure comment abuse would be in the top 3.
- Burmask, on 10/12/2007, -0/+1Damn! "Made for adsense" sites didn't make the list either.
- zhulien, on 10/12/2007, -0/+1seems if you don't use ebay, you are about 44.8% less at risk of being an online victim (the 0.1% is for other auction sites).
- sofaKing812, on 10/12/2007, -1/+2#11- That Whore on My Space that stole my heart, then slept with my best friend.
- Mirag3, on 10/12/2007, -0/+1Necessarily.
- kingkool68, on 10/12/2007, -1/+1This article is dry. I prefer this one that came out a while ago -> http://www.usnews.com/usnews/news/badguys/070416/top_10_internet_crimes_of_2006.htm
- Schlaze, on 10/12/2007, -0/+0Hmm, where is posting links to tubgirl and goatse on that list. I'd have to say that things like that are far more debilitating then confidence fraud. Not only would one loose their confidence after seeing those things but their lunch too.
- chaoskaizer, on 10/12/2007, -2/+2ie6 is a crime too
- tirofiban, on 10/12/2007, -1/+1I thought Walmart's site being down the day after Thanksgiving would make the list. Oh right, officially that wasn't a crime.
- lowerlogic, on 10/12/2007, -1/+1I would think computer intrusion would be on there with all the worms, viruses, spyware, and black hat hackers out there.
- tmcpheeters, on 10/12/2007, -1/+1at least computer fraud made the list this year...
- WildHorse, on 10/12/2007, -1/+0 I was expecting copyright infringement to be on there
- GilbertZ, on 10/12/2007, -3/+2Don't phorget phishing
- Schlaze, on 10/12/2007, -1/+0Thats because its extremly difficult to measure piracy, while almost everybody would claim that they were scammed in an auction and want their money back
- inactive, on 10/12/2007, -2/+0Is there solicited spam?
- feckineejit, on 10/12/2007, -3/+1arrr... I's a pirate see...
- JamesWilson, on 10/12/2007, -5/+3I call BS on these numbers. If you've ever been on some anonymous networks like TOR or freenet, you'll quickly find a lot of kiddy porn. There is no way for this list of crimes to ever by accurate, as those who commit the crimes often get away.
- joaob, on 10/12/2007, -6/+3Wouldn't "Auction Fraud" and "Non-Delivery" be the same thing?
- eker, on 10/12/2007, -5/+1elephant in the room...
- tonich03, on 10/12/2007, -8/+2Haha I agree, loved the video. Check out this one from the same guy: http://digg.com/videos/comedy/Wizard_of_Oz_3_UNCENSORED_hilarious
- dj_sea2005, on 10/12/2007, -7/+1double post
- themastersb, on 10/12/2007, -8/+2How is child pronz an Internet crime?
- dj_sea2005, on 10/12/2007, -11/+2crap... never mind... digg me down like chicken wings flying through outer space while singing the theme from Austin Powers.
"do do do do do... do do do do... BUUUM" - EdgarQ, on 10/12/2007, -15/+4When you say auction fraud your talking about eBay and sites like that right? So over half of internet crimes have to do with eBay fraud? Explain...
- inactive, on 10/12/2007, -18/+4software patents = #1 crime
- SalemWin, on 10/12/2007, -21/+3You right... hehe.... :-)
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