Lucylastic
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too funny http://www.reuters.com/article/idUSTRE65F3E620100617?type=domesticNews "U.S. authorities have charged 1,215 people in hundreds of mortgage fraud cases that resulted in estimated losses of $2.3 billion, top Obama administration officials said on Thursday, unveiling a crackdown after the housing market collapse. Im guessing this number included some of the following http://www.businessweek.com/ap/financialnews/D9GD83N80.htm "Federal authorities in Connecticut have charged 15 people, including attorneys, mortgage brokers and real estate agents, with participating in mortgage fraud schemes that they say contributed to the nation's banking crisis and a wave of foreclosures. The charges announced in Connecticut Thursday came as the Justice Department announced that investigators have made nearly 500 arrests since March in a major nationwide crackdown on mortgage fraud. Authorities said it involves 1,215 criminal defendants in cases that uncovered more than $2.3 billion in losses." Oh my and another http://www.detnews.com/article/20100616/METRO/6160423/1361/Seven-Metro-Detroiters-accused-in-$100-million-mortgage-fraud-case A Fenton man and six others were accused on Wednesday of buying a helicopter, expensive cars and a Canton night club from the proceeds of a mortgage fraud scheme that triggered losses of $100 million and involved roughly 180 homes in the region. Ronnie Duke, 43, is identified as the leader of the group accused of arranging approximately 320 fictitious sales and loans. In other cases, the group hired "straw buyers" to purchase homes and secure the loans, according to a criminal complaint filed on Wednesday by the U.S. Attorney's office in Detroit. From 2004 to 2007, the FBI alleges that Duke and the others would arrange for the loan and then take a portion of the loan money for themselves. Sometimes the straw buyer would get paid for their efforts and the initial monthly payments would be made. However, those payments would stop and, in 80 percent of the cases involving homes, the residence is now in foreclosure. Im wondering just how many of them were poor people wanting to own their own home, ....just one home, their home, their dream. But not a chance it coupd be greed and capitalism gone freaky huh nope its all the liberal/poor/commies/ working class fault huh
< Message edited by Lucylastic -- 6/17/2010 4:00:00 PM >
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