Really? That would be really sad. When we used to get loans, it was ridiculous how much the bank said we were eligible to borrow. And we were completely factual on our application.
Fortunately, they don't get many referrals for prosecutions as to mortgage fraud unless it's a huge scam with a bunch of falsified documents, straw buyers, inflated purchase prices where a bunch of money gets kicked back, etc. Developers and builders can get into hot water, too, if they draw money on loans for expenses not related to the project they said they were borrowing. There was a developer in St. Louis years ago that had drown like 80% of the money from his loan and when they went to look at the progress it was like 30% complete. He'd spent it on other stuff. In the Sanders deal, the loss is apparently so huge, they are taking a look at it. You will also see them prosecute people at Universities for falsifying applications for research grants and such. It doesn't get a lot of press, but it happens.
Interesting, thank you for the info. I will keep up on this. Communists and liberals, they are always hypocrites.
My neighbor, who unfortunately is a huge liberal, was incensed when she found out we came here without jobs and didn’t plan on getting any. We are living off investments and going Galt, not contributing to the socialist government. Although that has changed now with Trump in office…
Anyway she said we needed to work so we could pay into Social Security and then she name several people in the holler that needed it. I’m playing that they didn’t pay in their fair share and now need help. They always play the sympathy card. I told her that Shirley’s husband paid in, she is a widow. And that her brother worked his whole life. The neighbor only works part
time and her husband doesn’t work at all. Such hypocrites! If she really believed what she said, they would be working more so they could support other people. But no, she only thinks WE should be doing that!