The FBI says that since March of this year it has arrested about 300 people in the real estate industry for mortgage fraud related to the subprime mortgage meltdown. Apparently, dozens of those arrests have been in the past two days.
The justification they’re giving for this in the news is that “losses to homeowners and borrowers” total over $1 billion.
(Baloney. Those losses have been incurred by lenders who are now going out of business - exactly what they deserve.)
The amount of losses may be accurate, and it may be true that every one of the people arrested are guilty of mortgage fraud. But I doubt it.
More likely, there are probably a few people who are very guilty and very bad people, while the mass of the remainder of the arrests are honest, decent, law-abiding people who work for the unscrupulous players.
Frankly, the ONLY reason we know about this is that the FBI and Justice Department sent out a press release so you’d hear about it on the news. But I have very low regard for the government. Particularly here in Georgia.
(Consider this: an attorney for the Georgia Department of Consumer Affairs recently told me that fat people are too stupid to know that their weight won’t magically disappear when they walk into a Jenny Craig office, and that’s why Jenny Craig has to include disclaimers about their service in all of their advertising.)
My friend, if you think that FBI arrests will make a big difference in the mortgage crisis, you’re sadly mistaken. This market just has to fix itself the way free markets do: naturally.
And if the government had any sense whatsoever - and it doesn’t - it would get the hell out of the way. You bureaucrats are idiots.
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They have plastic surgery for ugly; but you can’t fix STUPID !
I’m with you on that! I think it is all hype, the government is trying to cover up it’s own assets.Homeowners that were sold these loans knew the terms and how adjustables work but chose to ignore the facts and proceeded to buying material items like fancy cars, vacations,electronic toys,etc and now want to blame the lending companies and their staff. I do agree that there were some “bad guys” who took advantage of the situation but for the most part I blame the investors who came up with these loans. They knew the greater risks and gambled with homeowners but in all respect we have to take responsibility for our own decisions.Even if the FBI got involved there is still no solution for the problem at hand and none of the politicians are coming up with any: they are letting everything slide while they fatten their wallets with more discounted properties.
I agree with you.
Drop me a line if you get the chance. I’d like to talk with you about the GA situation / opportunity.
I also agree with you. I’m certain that there were a few very dishonest brokers that flat out lied to borrowers in the beginning, the borrowers got to closing and were pressured into taking an adjustable rate, interest only or balloon note due to not wanting to risk losing the contract on their new home purchase. There should be some recourse for these people since their contract hangs in the balance (so to speak).
But the majority of borrowers knew the type of loan they were receiving and the risks involved in accepting such a loan from the beginning. They just decided to go ahead in spite of the type of loan offered. The broker shouldn’t be held accountable for a customer’s decision, even if that decision was a poor one.
The government has gained way too much control over us. Where are our freedoms going?
I completely agree with you about this government( i cannot call it OUR GOVERNMENT because we as citizens have all fallen asleep ) It is our fault that this country is going down fast like a sinking ship because many americans(myself included) have let “others’ run it into the ground. We as American citizens have to start writting to congress,and the president and tell them we are on to the game that is profiting them and destroying us.
There\’s no such thing as property ownership for anyone other than the government. You\’ll find that out rather quickly after missing payment of a year or two of property taxes. The government owns everything and everyone who slaves away to continue giving up a third of their income to the horrid beast.
When the government came up w/the idea of having all land owned by people, what they actually had in mind was that \"caretakers\" would be given the opportunity or \"right\" to purchase and \"own\" land to take care of at their own expense till they couldn\’t pay their taxes to continue taking care of the land for the government. Then the government authorizes their \"right\" to swoop in and take the land back and sell it to the next \"caretaker.\"
This is about the largest scam in this country, aside from the \"war on terror,\" and we the people have blindly played along w/their game for far too long. The tiny group of bankers who control the government have set up quite the \"cottage\" industry for themselves (pardon the pun w/regards to the mortgage crisis).
On another note…the soaring gas price issue could also be swiftly dealt w/by requiring those responsible for buying oil futures to actually take shipment immediately of their purchases. This could do quite the job of getting those oil/gas prices under control. But you won\’t hear this from our government…they want to take away public land to drill for more oil when the production of current reserves is far from 100%.
WAKE UP AMERICA!!!!!!!
One point that many don’t realize, when all the easy money mortgageswere created, it drastically depleted the pool of desirable renters. Many landlords were put under extreme hardship as it became impossible to consistently get quality tenants. Landlords often faces a lose-lose situation; rent to psychos and deadbeats, or leave the aprtment vacant UNTIL a desirable tenant appears. Many small time landlords have gone under.
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