Bank Fraud Video

There's not much else to say other than, watch this video.

Did you get that quote right in the beginning? Something to the effect that, generally speaking, sub-prime foreclosure = fraud somewhere in the file!

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The level of fraud was incredible.

Back in 2001, I was helping senior citizens that were having their homes taken away by predatory lenders. The only valuable asset for many people gone because of fraud. No one listened to the problem or cared. The Mortgage Bankers Association owned state legislators and governors.

I have seen whole neighborhoods devastated by predatory lenders. It is sad the level of pain that predatory lenders and their benefactors - financial conglomerates - have caused people. People are trying enjoy life the best they can or who have been hoodwinked into believing in the "American Dream". It is just sad.

How Can People be so dumb? Seriously!

Here is a story of an economics reporter for the New York Times being foreclosed on. I want to take this quote:

I was handing over $4,000 a month in alimony and child-support payments. That left me with take-home pay of $2,777, barely enough to make ends meet in a one-bedroom rental apartment. Patty had yet to even look for a job. At any other time in history, the idea of someone like me borrowing more than $400,000 would have seemed insane.

Now here is the thing that I just find ridiculous and frankly I just do not want to pay for it. People living way beyond their means and signing up for these mortgages when they clearly, anyone with high school math should have known....they could not afford them.

Seriously. This drives me nuts and is completely irresponsible. If one has a take home pay of $2, New York City....signing up for a $400k mortgage....

well, I'm sorry but I don't want to pay for this just as much as I don't want to pay for someone with a gambling addiction or buying a Ferrari when they make $12/hr and so on...

I know they scammed people, but how can someone not figure out...esp. on such a large purchase...that one simply cannot borrow half a million dollars?

Seems to me this guy's mistake

Was getting a divorce!

Still, I know a guy who considered a mortgage payment to just be another form of rent. He never intended to *actually* pay it off or own anything- just build up some equity, sell it off, buy something else, lather, rinse repeat.

I've yet to ask him how he's doing now that Real Estate prices are going DOWN instead of UP....
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