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darkstar
18092 Posts |
 Posted - 10/09/2008 : 6:44:07 PM
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Mortgage Fraud is investigated by the Federal Bureau of Investigation and is
punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is
illegal for a person to make any false statement regarding income, assets, debt,
or matters of identification, or to willfully overvalue any land or property, in a
loan and credit application for the purpose of influencing in any way the
action of a financial institution.
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Oregon loan officer pleads guilty
DateFriday, October 3, 2008 at 07:30AM
In the following press release Karin J. Immergut U.S. Attorney for the District of Oregon announced that Marty Ray Folwick, 50, pled guilty today before United States District Court Judge Garr M. King to four counts of a 15-count federal indictment which was returned by a grand jury on June 12, 2008. The guilty plea was entered as part of a plea agreement in which Folwick pled guilty to one count of bank fraud, two counts of wire fraud, and one count of money laundering. Folwick also agreed to submit to a polygraph test to determine the extent of his assets to satisfy the property forfeiture provisions of the plea agreement and the indictment. Sentencing in this matter is scheduled for December 8, 2008 at 10:30 a.m.
The charges to which Folwick pled guilty, relate to a single property in Woodburn, Oregon, which was purchased for $390,000. The indictment alleges that Folwick, a real estate loan officer, found buyers for the property and then falsified their loan application by overstating their monthly income.
The charges to which Folwick pled guilty could result in a sentence of up to 30 years in prison. However, as part of the plea agreement, the parties have agreed to a joint recommendation of a sentence of 63 months in prison. The court is also free to order restitution to the victim banks.
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hmorales007
194 Posts |
Posted - 10/09/2008 : 7:04:00 PM
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Nice try scaremongering scum. He got nailed for rampant mortgage fraud and making up a job - he overstated income for a job that did not exist. Whole different ballgame than the thousands of overstated income loans that were legit in terms of the rest of the deal.
Marty Ray Folwick, the Portland man who put together more than 70 fraudulent mortgage deals during the housing boom, pleaded guilty Thursday to four counts of bank fraud, wire fraud and money laundering. Prosecutors recommended that Folwick serve 62 months in federal prison. He is scheduled to be sentenced Dec. 8. Folwick, 50, worked as a real estate loan officer, matching would-be home buyers with loans. He admits to setting up bogus transactions with a series of straw buyers. He submitted falsified loan applications to lenders and took kickbacks out of the loan proceeds once the deals were done.
Folwick netted more than $800,000 out of the fraudulent deals. Bald and paunchy, wearing blue jeans and running shoes, Folwick doesn't look the part of a financial sharp guy. Yet he was part of a wave of questionable and downright fraudulent mortgage lending that took place during the boom. Today's crisis in the U.S. financial sector has its roots in the untold number of mortgage applications that were fudged or nudged toward approval despite the borrowers' clear lack of ability to repay the loans. Ernest Warren Jr., the Portland attorney representing Folwick, said after Thursday's plea hearing that his client has consistently cooperated with investigators and always intended to plead guilty. "My guy is a fall guy for the whole subprime mess," Warren said. "But he takes responsibility for the false documents he submitted." Federal prosecutors in July charged Buse with one count of wire fraud, accusing her of knowingly submitting a false mortgage application on behalf of a Lincoln City couple in a deal put together by Folwick. The application inflated the borrowers income and falsely stated the wife worked for MG Investments. MG is Folwick's company and it never employed the woman.Buse pleaded guilty to one count of wire fraud in August.
Federal investigators at the FBI, the Internal Revenue Service and other agencies continue to look into Lighthouse Financial personnel as well as a host of other mortgage fraud cases.
Between tighter underwriting by lenders and the housing bust, the wave of mortgage fraud appears to be over. But Allan Garten, assistant U.S. attorney, said it remains a top priority to federal prosecutors.
"Given all we are witnessing on Wall Street, the prosecution of mortgage fraud is of particular significance," Garten said. "Our office wants to send a signal to the community that this type of conduct is not acceptable."
Jeff Manning: 503-294-7606; jmanning@news.oregonian.com.
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acw
1450 Posts |
Posted - 10/09/2008 : 7:55:47 PM
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Woah....guess he straighten out Darkstar.
Yeah....Dark....please get your facts together before you start yelling Annie Anne!
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nw@8brook
144 Posts |
Posted - 10/09/2008 : 8:01:14 PM
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if you line up straw buyers and took kickback out of the deal, you're pretty much toasted. The real estate broker, the title agent and the appraisers are usually in the bag as well.
yea, nice going there |
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velecico
3935 Posts |
Posted - 10/09/2008 : 8:10:54 PM
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that was funny |
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dmortgage
40 Posts |
Posted - 10/09/2008 : 8:21:48 PM
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My neighbor was approached by a friend of a friend (his friends) to buy a 1.4 million dollar home and get paid $75,000 cash to make 1 payment and walk away. He told my neighbor he would set him up with an attorney friend before the deal to get his finances in order so he could file BK easily after the purchase. I told him to run fast. He told me the guy has done this a few times and has had people buy muilitple properties in a short period. The main guy owned a real estate office and mortgage co.
I hope those guys get mad man love practiced on them in the joint. |
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CCraig
148 Posts |
Posted - 10/10/2008 : 03:20:16 AM
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Nice try scaremongering scum. He got nailed for rampant mortgage fraud and making up a job - he overstated income for a job that did not exist. Whole different ballgame than the thousands of overstated income loans that were legit in terms of the rest of the deal. -hmorales007
regardless if the offense was repeated or not and regardless if the loan app was legit except for the over-statement of income... BOTOM LINE --- Overstating income when you know what the income actually is IS FRAUD. Even done once, it is still fraud. |
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darkstar
18092 Posts |
Posted - 10/10/2008 : 03:27:52 AM
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quote:
Originally posted by hmorales007
Nice try scaremongering scum. He got nailed for rampant mortgage fraud and making up a job - he overstated income for a job that did not exist. Whole different ballgame than the thousands of overstated income loans that were legit in terms of the rest of the deal.
Marty Ray Folwick, the Portland man who put together more than 70 fraudulent mortgage deals during the housing boom, pleaded guilty Thursday to four counts of bank fraud, wire fraud and money laundering. Prosecutors recommended that Folwick serve 62 months in federal prison. He is scheduled to be sentenced Dec. 8. Folwick, 50, worked as a real estate loan officer, matching would-be home buyers with loans. He admits to setting up bogus transactions with a series of straw buyers. He submitted falsified loan applications to lenders and took kickbacks out of the loan proceeds once the deals were done.
Folwick netted more than $800,000 out of the fraudulent deals. Bald and paunchy, wearing blue jeans and running shoes, Folwick doesn't look the part of a financial sharp guy. Yet he was part of a wave of questionable and downright fraudulent mortgage lending that took place during the boom. Today's crisis in the U.S. financial sector has its roots in the untold number of mortgage applications that were fudged or nudged toward approval despite the borrowers' clear lack of ability to repay the loans. Ernest Warren Jr., the Portland attorney representing Folwick, said after Thursday's plea hearing that his client has consistently cooperated with investigators and always intended to plead guilty. "My guy is a fall guy for the whole subprime mess," Warren said. "But he takes responsibility for the false documents he submitted." Federal prosecutors in July charged Buse with one count of wire fraud, accusing her of knowingly submitting a false mortgage application on behalf of a Lincoln City couple in a deal put together by Folwick. The application inflated the borrowers income and falsely stated the wife worked for MG Investments. MG is Folwick's company and it never employed the woman.Buse pleaded guilty to one count of wire fraud in August.
Federal investigators at the FBI, the Internal Revenue Service and other agencies continue to look into Lighthouse Financial personnel as well as a host of other mortgage fraud cases.
Between tighter underwriting by lenders and the housing bust, the wave of mortgage fraud appears to be over. But Allan Garten, assistant U.S. attorney, said it remains a top priority to federal prosecutors.
"Given all we are witnessing on Wall Street, the prosecution of mortgage fraud is of particular significance," Garten said. "Our office wants to send a signal to the community that this type of conduct is not acceptable."
Jeff Manning: 503-294-7606; jmanning@news.oregonian.com.
You're right, what he did was ok <tic>...
Being in CA I can understand your fear when you read that!...Oh that's right, none of the CA brokers here did any of that, it was all the others! LOLOL
>>>>BOTOM LINE --- Overstating income when you know what the income actually is IS FRAUD. Even done once, it is still fraud.
I don't think this applies in CA< does it hmorales?. LOL |
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jvanpetten
2513 Posts |
Posted - 10/10/2008 : 04:54:14 AM
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This looks like more than just overstating income.
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darkstar
18092 Posts |
Posted - 10/10/2008 : 05:45:27 AM
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| This case may be, doesn't negate the fact you can go to jail for committing fraud by overstating an income...People want to continue to rationalize their previous work, "he did more than that" I hope it lasts for them... |
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jvanpetten
2513 Posts |
Posted - 10/10/2008 : 06:17:10 AM
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| You may be right, I sure don't want to debate a topic such as this on an open forum. Even the auto industry, where you were previous, did stated loans, right? I am not trying to justify anything. My ethics and past loans have not and will not bite me in the rear. I just think saying you will go to jail for doing stated loans, when the lenders offered and approved them is a little misleading. They need to build more jails if all the LO's that did stated loans are going to jail. |
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goodguy1
1649 Posts |
Posted - 10/10/2008 : 06:18:04 AM
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quote:
Originally posted by darkstar
Mortgage Fraud is investigated by the Federal Bureau of Investigation and is
punishable by up to 30 years in federal prison or $1,000,000 fine, or both. It is
illegal for a person to make any false statement regarding income, assets, debt,
or matters of identification, or to willfully overvalue any land or property, in a
loan and credit application for the purpose of influencing in any way the
action of a financial institution.
================================================================================
Oregon loan officer pleads guilty
DateFriday, October 3, 2008 at 07:30AM
In the following press release Karin J. Immergut U.S. Attorney for the District of Oregon announced that Marty Ray Folwick, 50, pled guilty today before United States District Court Judge Garr M. King to four counts of a 15-count federal indictment which was returned by a grand jury on June 12, 2008. The guilty plea was entered as part of a plea agreement in which Folwick pled guilty to one count of bank fraud, two counts of wire fraud, and one count of money laundering. Folwick also agreed to submit to a polygraph test to determine the extent of his assets to satisfy the property forfeiture provisions of the plea agreement and the indictment. Sentencing in this matter is scheduled for December 8, 2008 at 10:30 a.m.
The charges to which Folwick pled guilty, relate to a single property in Woodburn, Oregon, which was purchased for $390,000. The indictment alleges that Folwick, a real estate loan officer, found buyers for the property and then falsified their loan application by overstating their monthly income.
The charges to which Folwick pled guilty could result in a sentence of up to 30 years in prison. However, as part of the plea agreement, the parties have agreed to a joint recommendation of a sentence of 63 months in prison. The court is also free to order restitution to the victim banks.
Stephen,
Come on man...look at the subtext..you know better than that..
15-count..Money laundering, wire fraud, straw-buyers, kick-backs, etc.
call it what you will, but this was a bad idea for using scare-tactics to increase your post count.  |
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 06:33:15 AM
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who the f are you ? first you get along then you go along. you have no authority to come on here and blast a long time respected member , for what may be a simple mistake. Why are you so upset did it hit close to home DB
quote:
Originally posted by hmorales007
Nice try scaremongering scum. He got nailed for rampant mortgage fraud and making up a job - he overstated income for a job that did not exist. Whole different ballgame than the thousands of overstated income loans that were legit in terms of the rest of the deal.
Marty Ray Folwick, the Portland man who put together more than 70 fraudulent mortgage deals during the housing boom, pleaded guilty Thursday to four counts of bank fraud, wire fraud and money laundering. Prosecutors recommended that Folwick serve 62 months in federal prison. He is scheduled to be sentenced Dec. 8. Folwick, 50, worked as a real estate loan officer, matching would-be home buyers with loans. He admits to setting up bogus transactions with a series of straw buyers. He submitted falsified loan applications to lenders and took kickbacks out of the loan proceeds once the deals were done.
Folwick netted more than $800,000 out of the fraudulent deals. Bald and paunchy, wearing blue jeans and running shoes, Folwick doesn't look the part of a financial sharp guy. Yet he was part of a wave of questionable and downright fraudulent mortgage lending that took place during the boom. Today's crisis in the U.S. financial sector has its roots in the untold number of mortgage applications that were fudged or nudged toward approval despite the borrowers' clear lack of ability to repay the loans. Ernest Warren Jr., the Portland attorney representing Folwick, said after Thursday's plea hearing that his client has consistently cooperated with investigators and always intended to plead guilty. "My guy is a fall guy for the whole subprime mess," Warren said. "But he takes responsibility for the false documents he submitted." Federal prosecutors in July charged Buse with one count of wire fraud, accusing her of knowingly submitting a false mortgage application on behalf of a Lincoln City couple in a deal put together by Folwick. The application inflated the borrowers income and falsely stated the wife worked for MG Investments. MG is Folwick's company and it never employed the woman.Buse pleaded guilty to one count of wire fraud in August.
Federal investigators at the FBI, the Internal Revenue Service and other agencies continue to look into Lighthouse Financial personnel as well as a host of other mortgage fraud cases.
Between tighter underwriting by lenders and the housing bust, the wave of mortgage fraud appears to be over. But Allan Garten, assistant U.S. attorney, said it remains a top priority to federal prosecutors.
"Given all we are witnessing on Wall Street, the prosecution of mortgage fraud is of particular significance," Garten said. "Our office wants to send a signal to the community that this type of conduct is not acceptable."
Jeff Manning: 503-294-7606; jmanning@news.oregonian.com.
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velecico
3935 Posts |
Posted - 10/10/2008 : 06:35:01 AM
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Yes he does have the authority and the right , he drove the point home very well
that Stephens posting was like the cop accentuating the name HUSSEIN , do you really think someone would go to jail for overstating income ON 1 LOAN , give us s break , post that crap somewhere else , what the point of the post anyway ? he was called out and had no reply |
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 06:44:17 AM
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Maybe it wasnt 1 loan, maybe it was multiple, but according to the law YES, and also according to the law YOU CAN GO TO JAIL FOR NOT PAYING TAXES DB
quote:
Originally posted by velecico
Yes he does have the authority and the right , he drove the point home very well
that Stephens posting was like the cop accentuating the name HUSSEIN , do you really think someone would go to jail for overstating income ON 1 LOAN , give us s break , post that crap somewhere else , what the point of the post anyway ? he was called out and had no reply
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velecico
3935 Posts |
Posted - 10/10/2008 : 06:49:42 AM
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You can also go to jail for pissing on the sidewalk , obviously you cant go to jail for being a kiss ass or you would be doing 1-2 with no probation |
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 06:52:06 AM
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Right thats me. I just dont think some wothless bum, who doesnt pay his taxes ( psst thats you ) or some other bonehead has the right to come on here and blast someone else just because they have committed fraud and get scared. When you pay your taxes , you too can have say so
quote:
Originally posted by velecico
You can also go to jail for pissing on the sidewalk , obviously you cant go to jail for being a kiss ass or you would be doing 1-2 with no probation
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darkstar
18092 Posts |
Posted - 10/10/2008 : 06:55:05 AM
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>>>when the lenders offered and approved them is a little misleading.
They didn't approve people inflating BS numbers, stated deals were for hard to document income, not impossible... |
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gsgroupinc
2032 Posts |
Posted - 10/10/2008 : 07:02:18 AM
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quote:
Originally posted by acw
Woah....guess he straighten out Darkstar.
Yeah....Dark....please get your facts together before you start yelling Annie Anne!
I just want to know what Annie Anne has to do with tiis and who she is? |
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velecico
3935 Posts |
Posted - 10/10/2008 : 07:06:15 AM
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quote:
Originally posted by jscorbett
Right thats me. I just dont think some wothless bum, who doesnt pay his taxes ( psst thats you ) or some other bonehead has the right to come on here and blast someone else just because they have committed fraud and get scared. When you pay your taxes , you too can have say so
quote:
Originally posted by velecico
You can also go to jail for pissing on the sidewalk , obviously you cant go to jail for being a kiss ass or you would be doing 1-2 with no probation
I paid more in taxes in one year than you probably have in a lifetime , you are are not even 30 years old doing loans in Florida for the past 3 years , you are clueless , go back to your trailer and qualify your next 50K modular home
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jvanpetten
2513 Posts |
Posted - 10/10/2008 : 07:22:41 AM
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They were for self employed borrowers who write off a lot of expenses. No one here is saying that if you "inflated or BS'd the numbers" it was not wrong. I am not sure what we are debating here. I agree with your statement about inflated numbers. I just disagree with your heading on this post. "You may go to jail for stated loans".
quote:
Originally posted by darkstar
>>>when the lenders offered and approved them is a little misleading.
They didn't approve people inflating BS numbers, stated deals were for hard to document income, not impossible...
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 07:24:30 AM
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Actually 31 , been doing this 6 years , live in 750k house , CC membership..... All the things you have always wanted...and I pay my taxes. Dont originate in FL either bud
quote:
Originally posted by velecico
quote:
Originally posted by jscorbett
Right thats me. I just dont think some wothless bum, who doesnt pay his taxes ( psst thats you ) or some other bonehead has the right to come on here and blast someone else just because they have committed fraud and get scared. When you pay your taxes , you too can have say so
quote:
Originally posted by velecico
You can also go to jail for pissing on the sidewalk , obviously you cant go to jail for being a kiss ass or you would be doing 1-2 with no probation
I paid more in taxes in one year than you probably have in a lifetime , you are are not even 30 years old doing loans in Florida for the past 3 years , you are clueless , go back to your trailer and qualify your next 50K modular home
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velecico
3935 Posts |
Posted - 10/10/2008 : 07:42:47 AM
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I was not that far off , doubt anything is worth 750K in Tampa , but you can keep dreaming AH , CC membership ? did not know you needed a membership for inbreeding |
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 07:46:34 AM
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| LOL.... Like I said , when you pay taxes your opinion will matter... |
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homebroker@sbcgl
3435 Posts |
Posted - 10/10/2008 : 07:51:28 AM
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| I hope they start to also put the borrowers aways and hold them accountable. They signed the loan docs, they stated their income, I don't know why this is always the originators fault? Today those that don't make their payment are getting better deal than those that do. I hear people today are defaulting so the banks will renegotiate the loan, who get blamed for this the brokers? |
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darkstar
18092 Posts |
Posted - 10/10/2008 : 08:12:49 AM
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>>> they stated their income, I don't know why this is always the originators fault?
If you just took their word for it, it is...They should be able to explain how much they make and why they would have trouble documenting it and you would have to believe it for YOU to put it on the app, they don't fill it out, it's up to us to verify it as best we can, taking their word for it is not one of those ways... |
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MisterVA
6570 Posts |
Posted - 10/10/2008 : 08:34:23 AM
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quote:
Originally posted by gsgroupinc
quote:
Originally posted by acw
Woah....guess he straighten out Darkstar.
Yeah....Dark....please get your facts together before you start yelling Annie Anne!
I just want to know what Annie Anne has to do with tiis and who she is?
I think he meant 'Auntie Em'. But he was so spooked by Miss Gulch that he couldn't understand Dorothy very well. |
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rtrefflich
3400 Posts |
Posted - 10/10/2008 : 08:34:43 AM
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| It was partially the brokers fault, but more than anything the banks fault. We are going to do loans for people who have w-2 jobs, give them a loan based on the FACT that they cannot show us what they really make. Sure, we'll charge an extra point on it, why, because they make MORE MONEY and can't show it. This was the logic going on. Also, there were people I turned down simply because they truly didn't qualify, however they just went to another broker who did do it. |
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gsgroupinc
2032 Posts |
Posted - 10/10/2008 : 08:41:46 AM
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quote:
Originally posted by MisterVA
quote:
Originally posted by gsgroupinc
quote:
Originally posted by acw
Woah....guess he straighten out Darkstar.
Yeah....Dark....please get your facts together before you start yelling Annie Anne!
I just want to know what Annie Anne has to do with tiis and who she is?
I think he meant 'Auntie Em'. But he was so spooked by Miss Gulch that he couldn't understand Dorothy very well.
Just me being a smart *** |
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Agent_Mike
375 Posts |
Posted - 10/10/2008 : 08:45:27 AM
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Here's a little portion of the 1003 that's above the signature area.
"Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents ... that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability"
They sign initially. They sign at closing. They = clients.
Any arguments brought up against stated loans are at best hear-say arguments in court which any 1st year law students could shred and put holes of reasonable doubt in.
Your initial post's guilty party was convicted not solely for a stated loan, but of more malicious intents which includes "money laundering."
I don't appreciate your negative sentiments against loan officers in CA and the holier-than-thou attitude that you've taken in making this thread - seemingly for no useful apparent reason to anyone.
So what then ... is your point? All the LO in CA deserve to go to jail? All the LO's that did stated loans should be in a jail cell? |
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ppulatie
2257 Posts |
Posted - 10/10/2008 : 08:53:25 AM
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Love reading this. Darkstar is right about stated products. Though most lo's will never be prosecuted, the fact is that these loans were "illegal".
I have the statutes and codes for different states that prove it. From lender to broker. And......I can usually show that the borrowers were the victims of predatory lending based upon those codes.
I will never do another loan in my life. I could do 30 year fixed and get by, but even then, it is not worth it. |
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shakazulu12
223 Posts |
Posted - 10/10/2008 : 09:12:38 AM
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| I'm doing shortsales on a lot of the fallout from Marty Fowlick's deals, I even spoke to him on the phone a few months ago. Glad he got what he deserved. The full extent of what he was doing is waaaay deeper in scope than what the news article is making it out to be, and he definately made more than 800k based on the HUD1's I have looked at. |
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jscorbett
3648 Posts |
Posted - 10/10/2008 : 09:20:30 AM
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what wholesale lender are you working for
quote:
Originally posted by shakazulu12
I'm doing shortsales on a lot of the fallout from Marty Fowlick's deals, I even spoke to him on the phone a few months ago. Glad he got what he deserved. The full extent of what he was doing is waaaay deeper in scope than what the news article is making it out to be, and he definately made more than 800k based on the HUD1's I have looked at.
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dmortgage
40 Posts |
Posted - 10/10/2008 : 09:22:44 AM
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| Darkstar should print a retraction. Are you starting a political advertising firm? nothing like taking a story out of context to make a point. "you may go to jail for stated loans, he is" Really? What about the rest of the things he did that you left out of your post. Darkstar- Listen for the phone, I am sure Obama will be calling you to write some press releases for his bud Ayers. J/K |
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yldspread
458 Posts |
Posted - 10/10/2008 : 09:57:43 AM
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Darkstar,
What's up man? That was a little scandalous! ;) |
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MortgageBoarder
3976 Posts |
Posted - 10/10/2008 : 12:57:56 PM
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This guy did not go to jail for just a stated loan, he blatantly was committing FRAUD with STRAW BUYERS, falsifying documents, and orchestrating what many would refer to as a conductive mortgage scandal.
I am an LO in CA and I do not take offense to Stephen's comment, but I do agree that there is no need for the "high and mighty" demeanor. Stated loans are what they are, and I'm sure Stephen has sold many of leads which turned into stated deals. Does that make it wrong, no? Abuse is wrong however, and those who abused the stated route should be held responsible, and many will.
I will not be going to jail for anything mortgage related so I'm fine there, but I do agree that the generalization of this thread is a little ill-informed. |
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Boulderco
1296 Posts |
Posted - 10/10/2008 : 2:01:49 PM
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| Joe Blow, a loan officer in Idaho, was sentenced to 30 years in a maximum security prison and a $5,000,000 fine for a stated income loan with a 20% LTV that has paid on time. The case came to light when the borrower mentioned to a US Attorney at a cocktail party that her loan application had her old salary of $5,000 plus bonus of $2,000 per month when her new job actually paid $6,000 per month. Mr. Blow claimed that he had copied her old application from a prior job and inadvertently failed to delete the bonus. As Mr. Blow, who had a previous scrape with the law when he received a parking ticket in February of 1977, was being led away to an awaiting prison van, five other convicts; a murderer, two rapists, a kidnapper and a child molester, all complained that they shouldn't have to ride with him. Tom Watson, who had been convicted earlier in the day of raping and murdering two nuns, asked "what kind of animals do they think they can treat us like, forcing us to share a van with that guy? Tell, you what, we'll be seeing him in the showers." |
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benjamin
2196 Posts |
Posted - 10/10/2008 : 2:33:53 PM
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| Dark man ,quit these posts. You are only selling crap. |
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eh6794
689 Posts |
Posted - 10/10/2008 : 2:36:20 PM
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Have these forums always had this aggression? Or is it just a sign of the times?
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CLOSEIT11
1 Posts |
Posted - 10/10/2008 : 11:27:50 PM
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WHAT HE DID IS SIMPLY FRAUD NOT TO MENTION MONEY LAUNDERING, TAX EVASION AND HARMING THE INDUSTRY THAT WE ALL WORK IN. HE DESERVES TO GO TO JAIL AND HE IS GETTING OFF EASY ON 1 LOAN WHEN THERE ARE MANY, MANY MORE HE COMPLETED. HIS PLEA BARGAIN MEANS HE IS GOING TO TURN IN ALL THE REMAINING PARTIES IN HIS SCAM. THEY ALL NEED TO GO TO JAIL INCLUDING THE STRAW BORROWERS HE USED TO COMPLETE THESE LOANS. YOU DON'T THINK FOR A MINUTE THEY DIDN'T PROFIT OF THE FRAUDULENT LOANS AND DIDN'T CARE WHEN THE LOAN WENT INTO 1ST PAYMENT DEFAULT. LET'S ALL GET REAL...GUYS LIKE THIS HAVE KILLED OUR INDUSTRY. THIS ISN'T THE END OF THIS STORY AND YOU WILL BE BLOWN AWAY WHEN YOU GET THE REST OF IT.
FROM AN INSIDER! |
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jvanpetten
2513 Posts |
Posted - 10/11/2008 : 06:31:33 AM
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| I knew there was more to the story. |
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AlbertSmythe48
35 Posts |
Posted - 10/11/2008 : 06:57:35 AM
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quote:
Originally posted by CLOSEIT11
WHAT HE DID IS SIMPLY FRAUD NOT TO MENTION MONEY LAUNDERING, TAX EVASION AND HARMING THE INDUSTRY THAT WE ALL WORK IN. HE DESERVES TO GO TO JAIL AND HE IS GETTING OFF EASY ON 1 LOAN WHEN THERE ARE MANY, MANY MORE HE COMPLETED. HIS PLEA BARGAIN MEANS HE IS GOING TO TURN IN ALL THE REMAINING PARTIES IN HIS SCAM. THEY ALL NEED TO GO TO JAIL INCLUDING THE STRAW BORROWERS HE USED TO COMPLETE THESE LOANS. YOU DON'T THINK FOR A MINUTE THEY DIDN'T PROFIT OF THE FRAUDULENT LOANS AND DIDN'T CARE WHEN THE LOAN WENT INTO 1ST PAYMENT DEFAULT. LET'S ALL GET REAL...GUYS LIKE THIS HAVE KILLED OUR INDUSTRY. THIS ISN'T THE END OF THIS STORY AND YOU WILL BE BLOWN AWAY WHEN YOU GET THE REST OF IT.
FROM AN INSIDER!
Are ALL CAPS really necessary or are you just too lazy to hit the shift key? LOL |
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ritabradley01
3158 Posts |
Posted - 10/11/2008 : 10:01:06 AM
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quote:
Originally posted by ppulatie
Love reading this. Darkstar is right about stated products. Though most lo's will never be prosecuted, the fact is that these loans were "illegal".
I have the statutes and codes for different states that prove it. From lender to broker. And......I can usually show that the borrowers were the victims of predatory lending based upon those codes.
I will never do another loan in my life. I could do 30 year fixed and get by, but even then, it is not worth it.
Wow..never do another loan. You can't do loan mods forever Patrick. Just do the good loans. :) |
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ritabradley01
3158 Posts |
Posted - 10/11/2008 : 10:09:07 AM
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I'm glad Darkstar posted this. If none of it applies to you, don't worry about it. There's been a lot of fraud perpetrated in the last few years and maybe someone will be scared straight reading about someone getting busted.
Unethical newbie appraisers often unknowingly get pulled into these crime rings. They're psyched because they have an LO that provides constant work but the deal comes with a lot of strings attached. |
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nowbroker
1364 Posts |
Posted - 10/11/2008 : 11:18:17 AM
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| I am glad they are bringing the hammer down on these types, about time. This happened just about 20 miles away from me. It is interesting, Woodburn is a small town and a few years ago a guy sold a bunch of vacant homes to buyers and collected the down payments and ran off. This stuff happens in any little town in America. |
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lucky1s
3614 Posts |
Posted - 10/11/2008 : 11:23:04 AM
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Guys like this paved the way for a global economoic collapse.
I hope they are proud of themselves. |
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25conspats
82 Posts |
Posted - 10/11/2008 : 11:30:49 AM
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| We call these 'drug dealer loans', rather than the popular 'liar loans'. They actually make the money, just can't show it, aka self employed. Or, Like a husband and wife, both contributing income, but can't put the wife on the loan due to score, etc. Husband's income doesn't qualify by itself. I don't see the problem inflating his income to qualify, except that it's technically illegal, since the household income is paying the bills. Anyway, you have to know that stated income loans will come back, sooner than later....you can always count of greed. |
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ritabradley01
3158 Posts |
Posted - 10/11/2008 : 3:11:27 PM
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| I hope you're wrong about that. Geez. |
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jvanpetten
2513 Posts |
Posted - 10/11/2008 : 4:34:52 PM
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| Stated loans to self employed will be back, but at lower LTV's and higher credit scores. |
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ritabradley01
3158 Posts |
Posted - 10/11/2008 : 4:58:44 PM
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quote:
Originally posted by jvanpetten
Stated loans to self employed will be back, but at lower LTV's and higher credit scores.
Of course. That was a short-sighted statement on my part. Liar loans for W2 employees need to stay gone though. |
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shoei1221
36 Posts |
Posted - 10/11/2008 : 7:09:22 PM
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| look at this finger waver.....sucha joke. Same type of people that want to ban YSP beacause the mtg brokers caused the subprime crisis by raising rates. If your going to throw the book at one throw the book at all. |
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