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Sunday, February 25, 2007 |
Polizeros: "Rachael Dollar, a Certified Mortgage Banker and lawyer, blogs about mortgage fraud at MortgageFraudBlog. There are currently a whole lot of people getting indicted and going to prison, with many more, just as guilty, who aren't. This is grim stuff. Elderly owners getting fleeced and losing their homes, billion dollar scams, retirement plans destroyed - all because greedy, amoral scumbags thought they could exploit the system and because we have a corrupt system that too often allows and condones such predatory behavior.
The latest scam, foreclosure rescue scams.
Here is how the scam works. The homebuyer gets behind on mortgage payments. The predatory lender offers a 'loan to get caught up' on the delinquent mortgage payments. In exchange for the rescue, the homeowner signs over the title to the predator, who promises that the homebuyer may remain in the home while paying rent. The predator then sells the house to someone else, and the original homeowner gets an eviction notice."
Yahoo: "Some people might think that the only victims of mortgage fraud are the lenders who finance the shady deals. Fulmer, who now works with Atlanta-based Interthinx, investigating mortgage fraud for lenders, knows better. The occurrences of crime started to increase in her neighborhood; drug dealers and pimps moved in. There was even a shooting.
Plus, because of the inflated sales prices, taxes went up by 30 percent. In neighborhoods where fraud has taken its toll and many houses are in foreclosure, those houses usually are sold at a significant loss. That makes it virtually impossible for legitimate owners to sell their properties. Fulmer says she's just now starting to see legitimate real estate values in her neighborhood 10 years later. Plus, many fraudsters steal the identities of people with good credit to perpetuate the frauds.
If that weren't bad enough, the fraudsters have expanded from just greedy mortgage brokers and real estate appraisers to dangerous criminals, such as drug smugglers, Fulmer says."
11:00:47 AM 
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Leninology: "First indications is that was about 100,000-strong, which is probably one of the larger anti-nuclear demonstrations that we've had in recent years. I didn't hear any figures for the Glasgow demo, but I'm told it was enormous: unsurprisingly, since Scotland is where the British ruling class likes to keep its nukes."
10:51:15 AM
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© Copyright 2008.
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