| Author | Message | ||
     Sifo |
SEC charges ex-Fannie, Freddie CEOs with fraud
Anyone still want to argue that FM/FM wasn't central to the mortgage meltdown? | ||
| 7873jake |
Nope. Never did. Always felt like they were holding on firmly to our necks as they drug us under the surface yelling "save me frog man, save me". | ||
| Satori |
Sifo, you beat me to this one. You couldnt get that argument out of me. Stay tuned there will be more of this down the road with other top exec's at Banks. The FBI is still uncovering Fraud from 2007. I read industry stuff on this consistantly now because yea like a fool I am now in the mortgage business, though I wasnt then. | ||
| Satori |
If ya want a bit more substantive article, not a MSN fluff piece. http://www.mortgagenewsdaily.com/12162011_gses_mor tgage_fraud.asp | ||
| Cityxslicker |
Nope, they also need to roast the ideas that allowed them to gin up mortgages based off of inflated and false applications merely because the applicant was 'disparate' .... and if you enjoyed the meltdown in housing - cheer up - it is coming again to Medical if that bill stands in force. (Un mitigated applicants, with forced acceptance, with no evaluation on premium, limitation on payouts, determination of underwriting, and rebundled to a 'high risk' pool in derivatives market through a federally controlled 'exchange'....) BOHICA. | ||
| Satori |
Cityxslicker, They have roasted those ideas, the loans that were the biggest culprits aren't even around. a couple of other things, a national licensing system was put into place, and its damn strict. I love it. The worst of the 'actors" ground level, the unethical loan officers, are pretty much not around. Even having been in a sub prime division makes one suspect and very hard for that individual to get a job in it again. Guilty by association. Also on the licensing, if you've ever had a foreclosure, banco in the last 7 yrs, or been accused or convicted of any crime involving trust, finance etc. nope cant get a lic. Also if a individual LO is found to be "embellishing" or leaving out any material fact that would affect approval. Poofda there goes your job and lic. Personally I am not willing to risk my career so some schlub can have a house for a bit. So lots has been done at ground level to clean up the business. I still think at the top more needs to be done, because as we know it always starts there. | ||
| Bluzm2 |
They need to go after Pelosi, Reed, Frank, Dodd, et al They are as guilty as anyone at FMFM | ||
| Satori |
+1 Bluzm2 | ||
| Ft_bstrd |
Bluz, I think that is part of what is playing into Frank leaving. I also suspect it's part of the reason Dodd already left. They know that no matter how much they shovel, they can't keep the bodies buried. Pelosi is to stupid to jump ship and run. | ||
| Buellifer |
We talked about this once before in a round about way. Argued that it was the bankers fault or that is was the borrowers fault. Wonder if a bank can get in trouble for having their appraisers setting a homes value $20,000 higher to get the borrower to borrow more money? I know a person who had two separate banks appraise their home back in 2008 and the appraisers were $20,000 apart. | ||
| Sifo |
I know a person who had two separate banks appraise their home back in 2008 and the appraisers were $20,000 apart. 20K isn't really that much of a spread even on a modest home. It's only 10% on a 200K home. Ask about the value of a Buell and see if you can get only a 10% spread. Hell you can have that kind of a spread on baked beans from different grocery stores. So what was the appraised value on this home? | ||
| Cityxslicker |
like I would ever make the mistake of owning an asset in the country with an address again. | ||
| Mtjm2 |
Ft. , Not only is she to stupid, She was on the ED show (msnbc) last night telling us all how much more they need to do !! Lets see how much maine slime media coverage this gets . | ||
| Etennuly |
AHHhhhh......BEFORE you hang the BASTARDS.....GET OUR MONEY BACK!!!!!   |
