Skip to comments.Mortgage cops taking tough stance (Chicago)
Posted on 09/16/2012 2:21:59 PM PDT by dynachrome
Strategic defaulters, beware. The feds are coming for you. And they are not happy.
Not the FBI. The Office of the Inspector General at the Federal Housing Finance Agency.
The OIG may not have the same fearsome "G-man" reputation as its better-known counterparts at the Federal Bureau of Investigation, but it is every bit as much a law enforcement agency, with the same powers to search, seize and arrest. Special OIG agents are even authorized to carry firearms.
The OIG's mission is to seek administrative sanctions, civil recoveries and criminal prosecutions against anyone who abuses the FHFA's programs. And it is pursuing its calling with passion, if not vengeance.
(Excerpt) Read more at chicagotribune.com ...
We don’t have debtor’s prisons. What else can they do, except speed evictions of nonpayers—which would on balance be a good idea?
I’d wager that they target more whites than anyone else.
They can’t speed evictions as those are controlled by state and county laws.
They’ll probably look for people with other assets and seek to take those under the tax laws.
Sounds like an opportunity for the private sector.
Give me a badge, a gun and piece of the action and I could probably clear a cool million a year bringing these deadbeats to ground.
I am in IT and could probably create a hunter/finder system in pretty short order.
I am sorry if this upsets anyone but I paid my last mortgage off completely as I promised and am paying this one off as I promised.
I have no sympathy for people who promise to pay and then renege (especially when they CAN pay). They are one of the lowest of the low of non-violent criminals.
Fraud and tax evasion will probably be the charges.
Is this one of the agencies buying lots of 40 hollow point?
Those are good charges.. but they need a court order to avoid abuse, and therein lies the rub. That's what has been so slow. Partly, the sheer numbers have overwhelmed the system. Also, banks and agencies have been unwilling to mark down their mortgage assets, preferring to carry them as nonperforming, but not fully revaluing them.
What would be awful would be a new body with administrative confiscatory police powers and no judicial supervision. A War on Mortgages to replace or augment the WOD?
“preferring to carry them as nonperforming”
Also, chain of ownership of the mortgages is iffy in several states.
Re ownership chain:
http://4closurefraud.org ran some extremely interesting articles a few months back on this topic. They had some great info on the Florida robo-signing scandal. I haven’t followed the site lately, tho.
America sure seems to have a lot of gun-toting pseudo-FBI agencies these days.......
I once had a succesfull business in Ohio. Signed all papers in good faith. Then Columbus elected a donk mayor and Ohio elected a donk governor. My 3 largest clients went belly up, and then so did I. And defaulted. Still cleaning up the mess.
You want to come for me? Bring it. I’ll treat you the same way I’ll treat any New Black Panther who tries to intimidate me at the polls because frankly I won’t see much difference.
Yes. Those pesky court orders. Somewhere recently someone noted that there are only 45 employees in the outfit. They are not going to be doing much at all, unless they avoid court orders, as MERS did with title and note transfers, and simply proceed fraudlently. With 45 employees and masses of mortgages to deal with, they might finish the process in maybe fifty years.
I think the lowest are the bankers who got billion dollar bailouts and million dollar bonuses with taxpayer money.
A new adventure series for “DOG the Bounty Hunter”
The article discusses loan fraud - applying for a second mortgage without mentioning the first. Not a CPA, but sounds like something that would stick.
Simply defaulting on a loan is not a prosecutable crime.
I would think a couple governors might have a say or two about that
>>You want to come for me? Bring it. Ill treat you the same way Ill treat any New Black Panther who tries to intimidate me at the polls because frankly I wont see much difference.<<
Read for content — if they CAN PAY. This is directed at people who use defaulting as a financial strategy.
And if you are living in your house after defaulting on the mortgage it is like driving a car you stopped making payment on.
I suspect that isn’t your situation.
Gotcha. Retracted. Agree.