BMIT

[CA renter]

Since the real estate industry makes every attempt to keep transaction information opaque, I think OCR was doing a tremendous public service in exposing **possible** fraud and speculative transactions.

Buyers need to be informed, and the RE industry is NOT going to be where the legitimate information comes from.

Is anyone here suggesting we should hide fraudulent transactions or flips and speculative transactions? I would hope not.

There is no way OCR’s posts could have affected a neighborhood’s value. The only people I know who pay attention to these blogs are those whom I’ve met through the blogs. I’ve run into a few bubble sitters, and NONE of them were blog readers. I imagine very few “regular” purchasers read these blogs at all, or are even aware of their existence.

[ocrenter]

from UT today:

Single mother Kelly Soban, who in 2004 bought two homes using $350,000 in proceeds from the sale of a previous house, recently sold one of them for substantially less than what she paid for it to avoid foreclosure.

“I was really poorly advised every step of the way from different people, and my Realtor kept saying, ‘The market will get better; keep paying the mortgage,’ ” said Soban, who still owns her home in Clairemont. An investment house she bought in Lakeside for $510,000 recently sold for $278,000

the goal over the last 3 years was to provide just some balance to the avalanche of poor advise out there. and seriously, we can only do so much convincing with data, charts, and graphs.

[ocrenter]

from UT today:

Single mother Kelly Soban, who in 2004 bought two homes using $350,000 in proceeds from the sale of a previous house, recently sold one of them for substantially less than what she paid for it to avoid foreclosure.

“I was really poorly advised every step of the way from different people, and my Realtor kept saying, ‘The market will get better; keep paying the mortgage,’ ” said Soban, who still owns her home in Clairemont. An investment house she bought in Lakeside for $510,000 recently sold for $278,000

the goal over the last 3 years was to provide just some balance to the avalanche of poor advise out there. and seriously, we can only do so much convincing with data, charts, and graphs.

[ocrenter]

from UT today:

Single mother Kelly Soban, who in 2004 bought two homes using $350,000 in proceeds from the sale of a previous house, recently sold one of them for substantially less than what she paid for it to avoid foreclosure.

“I was really poorly advised every step of the way from different people, and my Realtor kept saying, ‘The market will get better; keep paying the mortgage,’ ” said Soban, who still owns her home in Clairemont. An investment house she bought in Lakeside for $510,000 recently sold for $278,000

the goal over the last 3 years was to provide just some balance to the avalanche of poor advise out there. and seriously, we can only do so much convincing with data, charts, and graphs.

[ocrenter]

from UT today:

Single mother Kelly Soban, who in 2004 bought two homes using $350,000 in proceeds from the sale of a previous house, recently sold one of them for substantially less than what she paid for it to avoid foreclosure.

“I was really poorly advised every step of the way from different people, and my Realtor kept saying, ‘The market will get better; keep paying the mortgage,’ ” said Soban, who still owns her home in Clairemont. An investment house she bought in Lakeside for $510,000 recently sold for $278,000

the goal over the last 3 years was to provide just some balance to the avalanche of poor advise out there. and seriously, we can only do so much convincing with data, charts, and graphs.

[ocrenter]

from UT today:

Single mother Kelly Soban, who in 2004 bought two homes using $350,000 in proceeds from the sale of a previous house, recently sold one of them for substantially less than what she paid for it to avoid foreclosure.

“I was really poorly advised every step of the way from different people, and my Realtor kept saying, ‘The market will get better; keep paying the mortgage,’ ” said Soban, who still owns her home in Clairemont. An investment house she bought in Lakeside for $510,000 recently sold for $278,000

the goal over the last 3 years was to provide just some balance to the avalanche of poor advise out there. and seriously, we can only do so much convincing with data, charts, and graphs.

[jpinpb]

It’s sad to hear these kind of stories. People will believe/trust Realtors as the end-all be-all experts and when you even have the government pushing home ownership and banks willing to qualify anyone, well, we all know how it went down.

Thanks for giving the other perspective and flip side of the coin.

[jpinpb]

It’s sad to hear these kind of stories. People will believe/trust Realtors as the end-all be-all experts and when you even have the government pushing home ownership and banks willing to qualify anyone, well, we all know how it went down.

Thanks for giving the other perspective and flip side of the coin.

[jpinpb]

It’s sad to hear these kind of stories. People will believe/trust Realtors as the end-all be-all experts and when you even have the government pushing home ownership and banks willing to qualify anyone, well, we all know how it went down.

Thanks for giving the other perspective and flip side of the coin.

[jpinpb]

It’s sad to hear these kind of stories. People will believe/trust Realtors as the end-all be-all experts and when you even have the government pushing home ownership and banks willing to qualify anyone, well, we all know how it went down.

Thanks for giving the other perspective and flip side of the coin.

[jpinpb]

It’s sad to hear these kind of stories. People will believe/trust Realtors as the end-all be-all experts and when you even have the government pushing home ownership and banks willing to qualify anyone, well, we all know how it went down.

Thanks for giving the other perspective and flip side of the coin.

[NotCranky]

CA renter,

“Is anyone here suggesting we should hide fraudulent transactions or flips and speculative transactions? I would hope not.”

Maybe I am just pessimistic CA renter. I don’t think fraud is acceptable or should be hidden. I don’t think anyone is going to do much about some of the more common stuff like liar loans and such.Common loan originators were clearly given the message that they could originate nearly anything they wanted to.I know a few people who wouldn’t do it. Appraiser were mostly just doing what the system wanted them to do. I am not saying it is right. I didn’t put myself on the sidelines for nothing.

The exceptional cases wouldn’t be something I would go on about publicly. I am really kind of a fight for the underdog kind of guy. Just wouldn’t put myself or family at risk over these types of crimes. Hopefully working some of the excesses out of the system will take care of it for a while. That said, I have posted here a few times that there was fraud on the way up and there will be fraud on the way down. I would guess the primary methods will be deal steering on REO and short sales. Maybe there is some straw buyer activity still.

I think poorly of the system that is designed to bring justice. If you gave law enforcement some of this stuff on a silver platter they wouldn’t do anything about it most of the time. You would have to hire a private detective and a lawyer to try force the DA to do something. Maybe this opinion gets dumped on it’s head now and then but I think it is the norm.

If I had to make it public that I knew of crimes or suspected them,and wanted to bring them out in the open,I would have a lawyer do it. I would probably also have restraining orders against those I have accused. That makes sure that it is all in limelight which brings some protection. Not that I need to do this!

Maybe something to do is to quietly inform the lenders, maybe PMI company? I would think they have fraud department. Try to get them interested and if not, then let it go?

Would you operate a high stakes,vigilante type blog? I wouldn’t, but I don’t think that would construe pro crime values either. Isn’t it possible for computer savvy people to trace the site back to who runs it, even if it is “anonymous”?

Russ

[NotCranky]

CA renter,

“Is anyone here suggesting we should hide fraudulent transactions or flips and speculative transactions? I would hope not.”

Maybe I am just pessimistic CA renter. I don’t think fraud is acceptable or should be hidden. I don’t think anyone is going to do much about some of the more common stuff like liar loans and such.Common loan originators were clearly given the message that they could originate nearly anything they wanted to.I know a few people who wouldn’t do it. Appraiser were mostly just doing what the system wanted them to do. I am not saying it is right. I didn’t put myself on the sidelines for nothing.

The exceptional cases wouldn’t be something I would go on about publicly. I am really kind of a fight for the underdog kind of guy. Just wouldn’t put myself or family at risk over these types of crimes. Hopefully working some of the excesses out of the system will take care of it for a while. That said, I have posted here a few times that there was fraud on the way up and there will be fraud on the way down. I would guess the primary methods will be deal steering on REO and short sales. Maybe there is some straw buyer activity still.

I think poorly of the system that is designed to bring justice. If you gave law enforcement some of this stuff on a silver platter they wouldn’t do anything about it most of the time. You would have to hire a private detective and a lawyer to try force the DA to do something. Maybe this opinion gets dumped on it’s head now and then but I think it is the norm.

If I had to make it public that I knew of crimes or suspected them,and wanted to bring them out in the open,I would have a lawyer do it. I would probably also have restraining orders against those I have accused. That makes sure that it is all in limelight which brings some protection. Not that I need to do this!

Maybe something to do is to quietly inform the lenders, maybe PMI company? I would think they have fraud department. Try to get them interested and if not, then let it go?

Would you operate a high stakes,vigilante type blog? I wouldn’t, but I don’t think that would construe pro crime values either. Isn’t it possible for computer savvy people to trace the site back to who runs it, even if it is “anonymous”?

Russ

[NotCranky]

CA renter,

“Is anyone here suggesting we should hide fraudulent transactions or flips and speculative transactions? I would hope not.”

Maybe I am just pessimistic CA renter. I don’t think fraud is acceptable or should be hidden. I don’t think anyone is going to do much about some of the more common stuff like liar loans and such.Common loan originators were clearly given the message that they could originate nearly anything they wanted to.I know a few people who wouldn’t do it. Appraiser were mostly just doing what the system wanted them to do. I am not saying it is right. I didn’t put myself on the sidelines for nothing.

The exceptional cases wouldn’t be something I would go on about publicly. I am really kind of a fight for the underdog kind of guy. Just wouldn’t put myself or family at risk over these types of crimes. Hopefully working some of the excesses out of the system will take care of it for a while. That said, I have posted here a few times that there was fraud on the way up and there will be fraud on the way down. I would guess the primary methods will be deal steering on REO and short sales. Maybe there is some straw buyer activity still.

I think poorly of the system that is designed to bring justice. If you gave law enforcement some of this stuff on a silver platter they wouldn’t do anything about it most of the time. You would have to hire a private detective and a lawyer to try force the DA to do something. Maybe this opinion gets dumped on it’s head now and then but I think it is the norm.

If I had to make it public that I knew of crimes or suspected them,and wanted to bring them out in the open,I would have a lawyer do it. I would probably also have restraining orders against those I have accused. That makes sure that it is all in limelight which brings some protection. Not that I need to do this!

Maybe something to do is to quietly inform the lenders, maybe PMI company? I would think they have fraud department. Try to get them interested and if not, then let it go?

Would you operate a high stakes,vigilante type blog? I wouldn’t, but I don’t think that would construe pro crime values either. Isn’t it possible for computer savvy people to trace the site back to who runs it, even if it is “anonymous”?

Russ

[NotCranky]

CA renter,

“Is anyone here suggesting we should hide fraudulent transactions or flips and speculative transactions? I would hope not.”

Maybe I am just pessimistic CA renter. I don’t think fraud is acceptable or should be hidden. I don’t think anyone is going to do much about some of the more common stuff like liar loans and such.Common loan originators were clearly given the message that they could originate nearly anything they wanted to.I know a few people who wouldn’t do it. Appraiser were mostly just doing what the system wanted them to do. I am not saying it is right. I didn’t put myself on the sidelines for nothing.

The exceptional cases wouldn’t be something I would go on about publicly. I am really kind of a fight for the underdog kind of guy. Just wouldn’t put myself or family at risk over these types of crimes. Hopefully working some of the excesses out of the system will take care of it for a while. That said, I have posted here a few times that there was fraud on the way up and there will be fraud on the way down. I would guess the primary methods will be deal steering on REO and short sales. Maybe there is some straw buyer activity still.

I think poorly of the system that is designed to bring justice. If you gave law enforcement some of this stuff on a silver platter they wouldn’t do anything about it most of the time. You would have to hire a private detective and a lawyer to try force the DA to do something. Maybe this opinion gets dumped on it’s head now and then but I think it is the norm.

If I had to make it public that I knew of crimes or suspected them,and wanted to bring them out in the open,I would have a lawyer do it. I would probably also have restraining orders against those I have accused. That makes sure that it is all in limelight which brings some protection. Not that I need to do this!

Maybe something to do is to quietly inform the lenders, maybe PMI company? I would think they have fraud department. Try to get them interested and if not, then let it go?

Would you operate a high stakes,vigilante type blog? I wouldn’t, but I don’t think that would construe pro crime values either. Isn’t it possible for computer savvy people to trace the site back to who runs it, even if it is “anonymous”?

Russ

[Author]

Posts