Operation Malicious Mortgage Yields 400 Arrests

RE:Operation Malicious Mortgage Yields 400 Arrests

anonymous — Tue, 22 Jul 2008 11:00:00 GMT

Any Advice to report a guy who was doing a fraudulent mortgages , I am a victim and i am suffering the consecuences very hard

RE:Operation Malicious Mortgage Yields 400 Arrests

Realtor — Tue, 08 Jul 2008 11:00:00 GMT

I am one of many Realtors across the country who take the code of ethics seriously and give my clients sound advice. I have 95% repeat and referral business. I would encourage anyone who knows of a Realtor/Broker commiting fraud or involved in fraudulent activities to contact that state's Real Estate Commission, or licensing body, to file a complaint. If people are not held responsible for the decisions they make, obviously, they will continue to make irresponsible decisions. I don't advocate a country full of "sheep" and just because there are thousands of borrowers in the same mess doesn't mean that it is somehow was not their fault or that they shouldn't be held responsible. But, remind me again, why are we using tax money to bail out the lenders?

RE:Operation Malicious Mortgage Yields 400 Arrests

Mark — Mon, 07 Jul 2008 11:00:00 GMT

It's extremely sad that we live amongst a bunch of liars...from Bear Steirs, Wall Street, the banks, Mortgage companies, brokers...they all took a part is this mess...and the screwing of American families and the place they called home...we live in the times of deception , lies, and scamsâ€¦cant trust nobody anymore !!! So, wipe the crap from your eyes all those who are a part of the biggest crime in history. However, watch over your shoulderâ€™s cause, â€œthe truth will prevail.â€ and â€œJustice will be served.â€ the F.B.I. will catch-up to all of you...

RE:Operation Malicious Mortgage Yields 400 Arrests

Jose — Mon, 07 Jul 2008 11:00:00 GMT

To report real estate fraud, make a formal complaint with the local Department of Real Estate (DRE) or contact the FBI. If you happen to know an honest Real Estate Agent who will not divulge your identity, have him or her make the formal anonymous complaint on your behalf with the Department of Real Estate. The down side to a complaint without a witness is that unless an undercover sting is conducted by a law enforcement agency, the Department of Real Estate or the District Attorneyâ€™s Office there is a very low likelihood of conviction.

RE:Operation Malicious Mortgage Yields 400 Arrests

Mitch — Wed, 02 Jul 2008 11:00:00 GMT

Maybe you should re-read the article. They were indicted on fraud, that means they lied. How is an ADULT supposed to make an informed decision when they have been given the wrong information or lied to? I guess all you brokers think lying is ok as long as you are the ones doing it.

RE:Operation Malicious Mortgage Yields 400 Arrests

anonymous — Thu, 26 Jun 2008 11:00:00 GMT

It is hard to believe that ADULTS with minds of there own did not understand what documents they signed at closing. They discussed a loan program with a loan officer, they were sent out disclosures which they signed and sent back, they were sent out new disclosures which they would have to resign if anything changed on their loan while in underwriting. Than they were at the closing table in which either an attorney or a notary was present explaining every document to them and notarizing that they explained everything. Than if they were still confused which i doubt - they also had 3-7 more days to read the documents (applies to a refi) or cancel the loan. Now because they got caught holding the bag when the value of their home has plummetted they are crying and blaming anyone they could get their hands on. A realtor should not be blamed either as they are selling the value/investment of the home the person is buying. The buyer should know they could not predict when the market will turnaround. What about the attorney that the buyer hired to look over the documents on a purchase- did they not advise the client properly. Give me a break. Why not blame the ice cream man or the mail man. Please look in the mirror and blame yourself.

RE:Operation Malicious Mortgage Yields 400 Arrests

Anonymous — Thu, 26 Jun 2008 11:00:00 GMT

Its interesting that there is a kind of implication here that by targetting the mortgage brokers, there is a suggestion that the client had no idea that their earnings were being overstated. Odd!

RE:Operation Malicious Mortgage Yields 400 Arrests

Jose — Wed, 25 Jun 2008 11:00:00 GMT

The bottom line - The same regulators who allowed no doc and stated programs in the first place have now decided to take action and are also calling for tighter regulations. What a joke. Too little too late. What did they think was going to happen when they offered these types of programs? When it means owning your own home the consumer will take the carrot every time. We need to lock up the regulators along with the other crooks.

RE:Operation Malicious Mortgage Yields 400 Arrests

GDSS — Tue, 24 Jun 2008 11:00:00 GMT

I reported fraudulent mortgage brokers in 2004 and one left the country with all their "stolen" money. This is a joke. The realtors that encouraged this behavior by sending their clients to mortgage brokers that can "close" the deal are barely being targeted. The first line in the real estate transaction is the realtor - they often requested one percent of the loan amount to refer loans to mortgage brokers - this inflated the costs of the loan to the client. How about the developers/builders that steered their clients to particular lenders like Countrywide, Bank of America, etc.? These lenders routinely had higher rates and closing costs than other lenders and were allowed to take as long as possible to close the deal since they would refund money to the builder at closing. Those "free" closing costs were charged in the interest rate and hurt the clients. If a buyer went to a mortgage broker that offered better rates and the broker could not close on time, they charged the buyer late fees, etc., but never charged these fees to the "preferred" lender. The US Attorney should be looking into these deals because there are lots of buildings in South Florida that have foreclosures that tie directly to these lenders. When are they going to look into that? Oh, that's right, these are lenders, we have to bail them out by increasing Fannie Mae, Freddic Mac, and FHA loan limits to refinance these bad loans for the people who could not afford the property in the first place. We forget, we taxpayers can bail out everyone but can't afford our property taxes, insurance, and now, gas prices.

RE:Operation Malicious Mortgage Yields 400 Arrests

Joe — Mon, 23 Jun 2008 11:00:00 GMT

I am sick and tired of the crisis beign blamed on mortgage lenders, the borrowers who signed all the documents entering into these loans is who's to blame. now they are all crying because they can't the property they thought was going to double in value is now less than what they paid for it. They want to government and lenders to absorb the cost to get them out of these loans but do you think if that property that was purchased would appreciate and sell for a profit that the borrower would split that profit between the lender and the government? Irresponsible people need to learn a lesson instead of being rewarded for their continuous irresponsible behavior.

RE:Operation Malicious Mortgage Yields 400 Arrests

Matt — Mon, 23 Jun 2008 11:00:00 GMT

The industry needs to have a social outlook when dealing with clients. Sell houses off the clients income, and not how much you want to make off of them.

RE:Operation Malicious Mortgage Yields 400 Arrests

Dani — Sat, 21 Jun 2008 11:00:00 GMT

I am a REALOR and had many loan agents trying to sell me a stated income loan. We said NO THANKS. People KNOW what they can afford. If you chose a short term payment you could afford, what did they think would happen when that teaser rate ran out? Common Sense. If something is too good to be true.......Every client I help w/short sales I KNOW knew they could not afford their home in the first place. Some were convinced by others more educated than them, but much less honest, that it would all work out. Again, common sense tells you when youre setting up yourself for a fall, you are risking everything. I said NO to those loans and to the mortgage prices which were super overinflated. Others could have too. PLEASE stop blaming everyone in the Real Estate Industry for choices made by Adults with minds of their own. I work harder than anyone I know and for much less money. I love what I do and it saddens me how many crooks there are out there. I quit one broker because of ethics. Not everyone is greedy. God put me in this position to help educate my clients and help them achieve their housing needs and I will continue to do so.

RE:Operation Malicious Mortgage Yields 400 Arrests

Cliff Pape — Fri, 20 Jun 2008 11:00:00 GMT

Letâ€™s hope that the FBI gets these criminals who where committing fraud while hurting people and markets!

RE:Operation Malicious Mortgage Yields 400 Arrests

Anonymous — Fri, 20 Jun 2008 11:00:00 GMT

Well done, feds!! Put 'em all away for a long time.

RE:Operation Malicious Mortgage Yields 400 Arrests

Anonymous — Fri, 20 Jun 2008 11:00:00 GMT

How would you go about reporting someone for investigation who you know has been committing mortage fraud for many years now and keeps geeting away with it? He's a Real Estate Broker and Agent.