sdr/SDR, how can this not be fraud???

[CA renter]

[quote=sdrealtor]CA R
If it makes you feel any better the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.

sdr

PS I am confused as to why you would be willing to pay $100K more than you think it would go for in a couple years[/quote]

Quite frankly, I couldn’t care less about their addendums. To enforce those is much more cumbersome than to simply have all the listings submitted directly to them (could use the **government run and regulated** on-line auction system I suggested some time ago, which would be extremely efficient and eliminate much of the fraud).
——————

NEW YORK, June 18 (Reuters) – Wells Fargo & Co (WFC.N) Chief Executive John Stumpf said in a newspaper interview he would like the bank to repay the $25 billion it took from the Troubled Asset Relief Program as soon as practical, but he gave no time frame.

“It was meant to be temporary,” Stumpf told the Charlotte Observer, referring to the TARP money. “We want it to be temporary. We will pay it back as soon as practical.”

The fourth-largest U.S. bank took the money in part to absorb Wachovia Corp, which it acquired on Dec. 31. Regulators ordered the San Francisco-based bank to raise another $13.7 billion after conducting a “stress test” of the bank’s ability to weather a deep recession.

“We have not yet applied to pay it back,” Stumpf said in the interview, reported on the newspaper’s website. “We will be talking with the (Federal Reserve). The first thing we did was get through the stress test. The stress test said that we had enough capital. The Fed said Wells should have more common capital, so a different composition of capital.”

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1838026620090618

Must be nice not having to care about your losses because “someone else” (that’s us) is covering them for you.
If they keep up this kind of chicanery, they will never pay back the money, and we will end up absorbing more losses through the various guarantees…and how much of this is Wells Fargo’s?

Last fall, the Federal Reserve declined to identify the recipients of about $2 trillion in emergency loans from U.S. taxpayers or the assets the central bank is accepting as collateral.

http://www.bloomberg.com/apps/news?pid=20601103&sid=alINrCmj3dgU&refer=us

[briansd1]

[quote=sdrealtor]CA R
the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
[/quote]

Yeah, like such statements ever stopped anyone from lying…. And like lying on loan applications has ever sent anyone to jail…

If that were the case, then pretty much everyone who’s near foreclosure now should be sitting in the slammer.

It wouldn’t be hard to catch those “criminals” either. Just compare the tax returns to the stated incomes.

———

BTW, that arms-length statement is just a declaration between the parties. It’s not part of any loan documents and thus not regulated by law. I don’t believe there’s any criminal penalty for such lies.

Lying to your fiancee to induce her into marriage is not a crime; nor is lying to anyone else unless there is a law against it.

The bank could sue for damages for being mislead into a transaction but that would be their only remedy.

[briansd1]

[quote=sdrealtor]CA R
the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
[/quote]

Yeah, like such statements ever stopped anyone from lying…. And like lying on loan applications has ever sent anyone to jail…

If that were the case, then pretty much everyone who’s near foreclosure now should be sitting in the slammer.

It wouldn’t be hard to catch those “criminals” either. Just compare the tax returns to the stated incomes.

———

BTW, that arms-length statement is just a declaration between the parties. It’s not part of any loan documents and thus not regulated by law. I don’t believe there’s any criminal penalty for such lies.

Lying to your fiancee to induce her into marriage is not a crime; nor is lying to anyone else unless there is a law against it.

The bank could sue for damages for being mislead into a transaction but that would be their only remedy.

[briansd1]

[quote=sdrealtor]CA R
the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
[/quote]

Yeah, like such statements ever stopped anyone from lying…. And like lying on loan applications has ever sent anyone to jail…

If that were the case, then pretty much everyone who’s near foreclosure now should be sitting in the slammer.

It wouldn’t be hard to catch those “criminals” either. Just compare the tax returns to the stated incomes.

———

BTW, that arms-length statement is just a declaration between the parties. It’s not part of any loan documents and thus not regulated by law. I don’t believe there’s any criminal penalty for such lies.

Lying to your fiancee to induce her into marriage is not a crime; nor is lying to anyone else unless there is a law against it.

The bank could sue for damages for being mislead into a transaction but that would be their only remedy.

[briansd1]

[quote=sdrealtor]CA R
the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
[/quote]

Yeah, like such statements ever stopped anyone from lying…. And like lying on loan applications has ever sent anyone to jail…

If that were the case, then pretty much everyone who’s near foreclosure now should be sitting in the slammer.

It wouldn’t be hard to catch those “criminals” either. Just compare the tax returns to the stated incomes.

———

BTW, that arms-length statement is just a declaration between the parties. It’s not part of any loan documents and thus not regulated by law. I don’t believe there’s any criminal penalty for such lies.

Lying to your fiancee to induce her into marriage is not a crime; nor is lying to anyone else unless there is a law against it.

The bank could sue for damages for being mislead into a transaction but that would be their only remedy.

[briansd1]

[quote=sdrealtor]CA R
the lender is Wells Fargo which makes always buyer, seller, buyers agent and sellers agent all sign an Addendum stating that it is an arms length transaction between unrelated parties. If their lying they could end up in jail.
[/quote]

Yeah, like such statements ever stopped anyone from lying…. And like lying on loan applications has ever sent anyone to jail…

If that were the case, then pretty much everyone who’s near foreclosure now should be sitting in the slammer.

It wouldn’t be hard to catch those “criminals” either. Just compare the tax returns to the stated incomes.

———

BTW, that arms-length statement is just a declaration between the parties. It’s not part of any loan documents and thus not regulated by law. I don’t believe there’s any criminal penalty for such lies.

Lying to your fiancee to induce her into marriage is not a crime; nor is lying to anyone else unless there is a law against it.

The bank could sue for damages for being mislead into a transaction but that would be their only remedy.

[SD Realtor]

CAR to be honest I think that the fraud is more of the exception then the rule. I am always skeptical of everything and yes I have seen cases of fraud. I think that in most of the questionable transactions the agent is double ending it. That in and of itself is not ethical and I am by no means condoning it. I think that alot of listing agents become lazy when it comes to short sales because they are so much work. With all that said, yes I do believe there are cases of fraud and non ethical behavior going on. By the same token I think the average short sale is done by the book more often then not.

[SD Realtor]

CAR to be honest I think that the fraud is more of the exception then the rule. I am always skeptical of everything and yes I have seen cases of fraud. I think that in most of the questionable transactions the agent is double ending it. That in and of itself is not ethical and I am by no means condoning it. I think that alot of listing agents become lazy when it comes to short sales because they are so much work. With all that said, yes I do believe there are cases of fraud and non ethical behavior going on. By the same token I think the average short sale is done by the book more often then not.

[SD Realtor]

CAR to be honest I think that the fraud is more of the exception then the rule. I am always skeptical of everything and yes I have seen cases of fraud. I think that in most of the questionable transactions the agent is double ending it. That in and of itself is not ethical and I am by no means condoning it. I think that alot of listing agents become lazy when it comes to short sales because they are so much work. With all that said, yes I do believe there are cases of fraud and non ethical behavior going on. By the same token I think the average short sale is done by the book more often then not.

[SD Realtor]

CAR to be honest I think that the fraud is more of the exception then the rule. I am always skeptical of everything and yes I have seen cases of fraud. I think that in most of the questionable transactions the agent is double ending it. That in and of itself is not ethical and I am by no means condoning it. I think that alot of listing agents become lazy when it comes to short sales because they are so much work. With all that said, yes I do believe there are cases of fraud and non ethical behavior going on. By the same token I think the average short sale is done by the book more often then not.

[SD Realtor]

CAR to be honest I think that the fraud is more of the exception then the rule. I am always skeptical of everything and yes I have seen cases of fraud. I think that in most of the questionable transactions the agent is double ending it. That in and of itself is not ethical and I am by no means condoning it. I think that alot of listing agents become lazy when it comes to short sales because they are so much work. With all that said, yes I do believe there are cases of fraud and non ethical behavior going on. By the same token I think the average short sale is done by the book more often then not.

[patientrenter]

I wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.

[patientrenter]

I wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.

[patientrenter]

I wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.

[patientrenter]

I wish some MSM journalists would start blowing the top off this kind of behavior. As others have pointed out, this is just picking the pockets of taxpayers. I am getting tired of people saying that it’s fine because it’s legal, and screw the ethics. I’d like to live in a country that was more ethical.

[Author]

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