Posted on 02/22/2008 6:28:38 AM PST by AdamSelene235
Why are we wasting the FBI on this crap? Borrowers lied and lenders didn’t verify the stated income. Why does that lead to the FBI? Don’t we have enough problems with terror cells and MS-13 to keep the FBI busy?
At what point does FRAUD become inconsequential?
It might not be “practical” to put them in jail, but a good chunk of the people involved in this mortgage mess brought this upon themselves, either by fraud or naivete.
After the next election they will be too busy working on Gun Control to deal with any of that.
That does it!! I’m going to use illegal light bulbs then.
HA HA!!! You’ll never take me alive coppers!!!
Earlier today: http://www.freerepublic.com/focus/f-news/1974411/posts
Earlier today: http://www.freerepublic.com/focus/f-news/1974411/posts
This is what happens when you take the ten commandments out of Society and the shame that ensues when you break them. Money and material have replaced God, so therefore, anything to do to get to the main goal has become acceptable by the new societal standard.
Sure lying on the form is irresponsible. But throwing someone in jail for doing it is something that only someone like Stalin would think of doing. The bank is still responsible to verify the data since as anyone knows PEOPLE HAVE BEEN LYING TO GET LOANS FOR THOUSANDS OF YEARS. Only a totally incompetent organization like HUD, FHA or Wells Fargo would rely on an applicant’s veracity.
You hit that one on the mark.
It is not so much the borrowers as it is the brokers who either encourage or facilitate the transaction and obscure the facts from the borrower.
I like to see somebody start going after these guys, or at least someone talking about not giving any bail out to anyone who made one material false statement on their application.
My wife and I just applied for our mortgage about a year ago, and we were debating how to calculate our annual income (if you go my our monthly pay checks, my salary looks to be $4 less than my annual salary, because for some reason my last two or three pay checks each year vary by a couple of bucks). We were actually worried about that $4.
Somebody gets a $100,000 loan that they can’t pay back by lying to the bank, and the bank has to spend a couple thousand dollars trying to collect past due payments, and then foreclosing on and selling the house, which may or may not satisfy the loan. That couple of thousand dollars lost is probably as much as the average bank robber takes (it doesn’t matter if the mortgage is insured, any more than whether a bank, or store that’s robbed has insurance to cover the loss).
LOL!!!
Actually, in a lot of cases, proving the charge would be impossible. The files are really far from secure, and on far too many occasions the application the borrower signed (stating one income) was not the one reviewed by the underwriters (with a mysteriously larger income).
Capitalism is failing because of the morales taught in Union operates schools.
The US must become a socialist nation.
The NEA has won.
Not to worry , we’ll ALL be paying for the lies of others.
And Hillary Clinton would like to establish a taxpayer financed fund to help pay the mortgages for these liars.....
I know a lot of fine folks named Morales -- I don't think you can blame the ills of the world on their being in public schools. /sarcasm
LOL, and whose idea were these 'stated income' loans? Did the borrowers create them??? Banks came up with these goofy ideas then sold off these stupid loans to unknowing investors. It is not like it is that difficult for banks to run credit and ask for proof of income.
Love the way the government continues to build a nation of scofflaws.
HA HA!!! You’ll never take me alive coppers!!!
=======================
LOL!!
George 'Baby Face' Nelson The Troll: "Hello, boys! Well, these little men finally cought up with the criminal of the century. Looks like the chair for George Nelson The Troll. Yup, gonna electrify me. I'm going to go off like a Roman candle. Ha ha ha. 20,000 volts chasing a rabbit through yours truly. Gol damn, gonna suck all the power right out of the state. Gonna shoot sparks out the top of my head and lightning from my fingertips! I'm George Nelson The Troll , and I'm feeling 10 feet tall!"
Well, somebody better start doing some real adult thinking.
These are the same people who are equally clueless about the reality of financing as they are of politics. They vote "progressive" over and over; they believe "National Healthcare" is not only possible, but necessary; they defer caring for themselves because "the government" will do that: the rest of us.
They are ciminal just as the ones "flipping" houses. They are sucked into the endless TV commercials assuring them they can get rich. They are not only idiots, but criminal idiots.
Of course, governments at all levels feed the delusion, too, but that's another story...
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