ROAD TO RUIN: Mortgage Fraud Scandal Brewing
Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
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Following the thread of comments that you and rj have been having. When it comes down to it, someone wanted to make a lot of money very fast, they broke or bent laws to make this happen. People will always ‘want’ more than they can afford, it’s the American Dream to own a home, and why not a huge beautiful home? Folks did not use common sense, that was greed. Banks were too busy making money, and that was greed. Now, the banks that bought into the fraudulent practices are being bailed out.
And THAT is a crime. Our government is rewarding the crime by keeping these institutions in business. Who is to say that this will not happen again? Where is the punishment for committing fraud? The homeowners have instant punishment in foreclosure. The banks and wall street will never be brought to trial for their part.
isminx,
You’re right. One major point I’d like to make is the magnitude of the error. Even if there were thousands of people who wanted to lose their home and every landscape, building improvement or other investment they made in that home after only three years, the maximum amount of damage possible to the US economy would only reach around $5 billion. We have given over $5,000 billion to the bankers SO FAR. That’s 1,000 times worse. The people lost everything, the bankers lost nothing.
Let’s not get all teary eyed here. Half of all these loans were “cash out” refinances. In other words, people took out loans to pay off their bills, take vacations, do whatever, and now that the piggy bank has run dry, they’re leaving their homes to the bank. Take a look at this older video that explains it all: watch?v=pmeBSWI9sF8
Full confession. Homeowners brought taxes and bank statements to proffesionals to guide them. Too much to learn and consider when your new to buying while being pushed to close a 45 day escrow buy a wicked realestate agent.. Last thing on your mind is to be part of a scam.
90+% never had intentions of buying more than they could afford. They were told they could.
to this video i say. ‘NO SHIT SHERLOCK!!!!’
Capitalism is just having a bad day.
I worked for Ameriquest in 2002. They ARE krooked. Totally.
To everybody who took one of these loans who couldn’t afford it i say “FUCKING DUMBASS”
right; thats exactly whats about to happen to the U.S.
Well down Obama. Keep bailing out the crooks on Wall St.
What the stupid Republicans don’t realize is this don’t make them look better. It makes a 3rd party look better.
It makes Americans realize Republicans and Democrats are both the same.
Greed and deception fuels the world and this is what you get! It’s not over yet.
but they might not know that their credit cards were over the limit because of fraudulent charges – guess you missed that point!
credit cards?
what?
who missed what point again?
When you apply for a loan you bring your current pay stub and your credit history gets checked. Please explain to me how the buyer can be blamed for taking loans out they couldn’t afford when it’s the loan officer’s job to check and re-check the borrowers ability to pay that loan. There is no way the buyer can fake these documents when the bank can check any records they need before approving loans.
The idiots blaming the borrowers have drank the kool-aid sold to them by Fox news.
This video is very well done!
@jxh261
You obviously have not been in the lending business.
Buyers / Borrowers knew what they were doing. Don’t go putting the entire blame on the loan officer.
A borrower only needs a few loan denials to figure out that the next time they apply for a loan, they know what to say, how to say it and what documents to provide or produce.
There were mortgages underwritten based solely on the verbal disclosure of the borrower. The lender did NOT want to know if the borrower could pay it back or not. Either the house went up in value or the borrower got foreclosed, either way the lender won.
Please search “Mortgage Madness” The series is 6 parts and is extremely detailed of this PLAN called a CRISIS.
The mentality (el stupido technicality) of kevint864
is 1/2 the reason why the USA is in such shit.
this video is gud…!!!!
It’s starting all over again with appraisal management companies driviin by lowest fees and fastest turn times. Some of the largest amc’s are now owned by the largest subprime lenders. Look at streetlinks
You have to laugh don’t you poor people trying to get rich without working relying on the price of their (well the banks) property to increse in value. Ever heard of caveat emptor, buyer beware? On a lighter note I have one tower bridge for sale located in London, quick sale required buyer to remove.
This all STARTED with BIll Clinton signing into law the “Community Reinvestment Act” lowering the lending standards. This was the Gov’t telling the Banks to dangle that carrot and yell at the top of their lungs “We Finance Anyone with NO MONEY DOWN” like a used car dealer. ACORN picketed & obama sued Banks to give risky loans. obama & others received millions for their part in all of this SCHEME and the gov’t continues to blame the lending institutions, but will not accept any responsibility!