Liar Loans and the lenders are resposible for the inflated prices in the RE maket. I have not read anything about charges against the fraudster flippers(fake stated income etc).
These crooks and liars are responsible for the run up in prices.
My question is when will we see a deflation? I dont’t think that buyers are protesting as in 91.
Farbet! Unfortunately, too many people are committing these kinds of faults. It is impossible and costs too much to put all of them in justice. A lot of flippers and landlords took advantages of it to get rich. Even regular owners could cash out money from their houses. They don’t care!!!!! All these people add up together are the majority of population.
This time is different from last time. The housing market was up for too many years. Most owners have a lot of equities, so they can afford the houses empty to hold on the housing prices. But housing market is ridiculous overpriced this time. So, I believe it will collpse.
People who purposely to inflate the housing market will burn themselves. We just have to be more patient. You are not alone. We all here have the same goal to support each other.
A total 818 prosecutions for the whole country in 2006. What a joke!
Steal a pack of cigarettes at 7-Eleven and do hard times, but steal $200k in a real estate scam and get off scott-free. The reality is that white collar crimes do pay. The bigger the amount, the lower the penalty.
Warning that mortgage loan fraud is growing at an alarming rate across the nation, the FBI and the Mortgage Bankers Association today agreed to work together to protect lenders and home buyers.
The number of mortgage fraud cases investigated by the FBI has more than doubled since 2002, FBI Financial Crimes Section Chief Karen E. Spangenberg said during the bankers association’s National Fraud Issues Conference at the Omni San Diego Hotel.
The FBI caseload rose from 436 in 2002 to 1,036 now, she said. The loan industry estimates that fraudulent loans cost the industry more than $1 billion a year, “and that’s a conservative estimate,” said bankers association Chairman John M. Robbins.
Robbins and Spangenberg signed a memorandum of understanding recognizing their approval of a mortgage fraud warning notice. The goal is to have lenders distribute it to borrowers nationwide. The notice warns that mortgage fraud is punishable by up to 30 years in prison or a fine of $1 million or both.
Posted by Emmet Pierce at 02:14 PM
March 08, 2007
San Diego Union Tribune
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