Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes
Lender · Salt Lake City, UT · Member since 2012 · 714 posts · 169 votes
Mortgage Fraud Conspirators Still Facing Stiff Punishments for Crimes
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Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes
11yThey are prosecuting the real estate professionals but the biggest criminals, the bankers, who benefited handsomely as the bubble inflated and then again when it crashed will never face criminal charges. Their banks merely paid back a point of their bailouts to the government agencies as a fine and the CEOs, CFOs and other officers continue about their business. Government passed shams like Dodd-Frankenstein which pose as consumer protection bills in order to show that they were doing something but the bills really limit competition for the big banks and hurt consumers by increasing fees and limiting options. As long as government shares in the spoils they are content with the fraud.
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- Vincent, OH · Member since 2015 · 16 posts · 3 votes11y
I am so tired of looking for help. I bet I have about 100 names of people who has led me on only to let me down. I cant stand it, when I spend all this time finding what they ask for and at then after a day, they want me to wire them money. Even so many times that has been my first questions, do I have to pay up front, told no. Well they are right, they get to the part where they say they are going to send me the money after I wire them money. I really have just about given up on becoming a investor. I have 3 unit now and in a area where rent is going out of this world. I thought three more rentals and I will have enough to make a comfortable living. Most all of the homes here are now pending where the large investors have came in and bought up and just waiting on closings. This is no lie, I am so stressed about all this information I have sent out, I am loosing my hair. The other day I heard from a guy who said he was from ___ Lending. Everything I read about them, this was great. The guy ever promised me that they would not ask for cash. Everything is going smooth, I have good credit, good equity in what i have, this guy had me all built up. I was told if I got him the rest of the information yesterday, he would have a answer for me today. i was assured everything looked good. This morning I got a letter of approval, really official, even my realtor said yep you got it. I to a great interest and you do not know how excited I was. we had gone out on Sunday and found two really nice homes that was going to fit into my budget, allow me to replace a roof on one of my current rentals, plus pay of the loan I have now, and best of all it was going to be $50.00 less then I pay now. This would have been a perfect opportunity for me. I called my realtor and told her to write up the one home to make an offer, called the guy that does work for me and told him we have the money to fix the roof, new I would have a little to do some work small jobs, plus looked at zillow, realtor .com and another web site to find a second home in the price zone. i checked the BBB and got a good review. Was really excited my dreams of my the rest of my life had came true. I called my banker, just to check on what all did I need to get money wired. I had all the information he asked for, but did not hit send yet. She said you should not send that type of information via mail. I really thought that and most people that was using a free email, I was doing a lot of investigation to find out if they was fraud or not. This guy was referred to me, plus he had the name of the bank in his email name, the web site had his name on it. My banker said she had never heard of his company, she even checked with the main bank, but they was in a meeting, but she suggested I give him the fax number to send a letter for deposit verification and I would have to sign it. After I emailed this to him, this was the last of are contact. No replies back from any of my emails all day. The longer the day went on the more I knew it was another fraud job I wasted days, and many of hours on. Then while calling everyone and telling them I was hit again, more hair was falling out. i am giving up. i just might even sell what I have, and all I get is fraud, I have my information spread all over the united states. Not my SS#, I was smart enough to never add this. I just can not take any more of this. I can not find a honest bank, no one in my area will lend on investment properties, even the company I have it with now. I pay such a high interest, because of when I bought it. I guess I was not meant for a investors. I read where all these people are billionaires starting with nothing. I have something and can not go no where, people just want to waste my time. I really thought ___ was going take care of me, and I was the happiest person on earth, just to go down hill as the day went on. I am so sick over this. I would say I have spent weeks and almost every waking hours to get stuff the fraud people wanted, maybe they don't have a live, and now I don't know if I do. Then also thinking I would be able to put a little away to build a small kennel to keep rescue dogs, and try to find them for ever homes. I am a good person, and I try to help humans and animals, and this is what i get in return a loss of hair. That was just my goal, to make enough to live right, and help rescued animals. I am back to step one and giving up for a while, not going to make another jerk out of my self and sign up for a company to watch my credit after all this information had been given out. Thank you all for listening to my vent, and i hope someday these people will get theirs. i have turned a few of them in. I hope you guys have a great day and your investments go great. I wish the best for all. Maybe someday will be mine. Please fraud lenders, do not call me any more, because if I find out where you are, I turn you in and I mean this.
- Investor/Landlord · Farmington Hills, MI · Member since 2011 · 1k+ posts · 1k+ votes11y
They are prosecuting the real estate professionals but the biggest criminals, the bankers, who benefited handsomely as the bubble inflated and then again when it crashed will never face criminal charges. Their banks merely paid back a point of their bailouts to the government agencies as a fine and the CEOs, CFOs and other officers continue about their business. Government passed shams like Dodd-Frankenstein which pose as consumer protection bills in order to show that they were doing something but the bills really limit competition for the big banks and hurt consumers by increasing fees and limiting options. As long as government shares in the spoils they are content with the fraud.
- 11yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Dodd Frankenstein Love it.... so true...
Many of the Mortgage fraudsters are just now getting wrung up for their bad deals that happened in 02 03 04... when it was really wild with the lier loans... straw buyers etc etc.
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