So,... if it is fraud and the insurer rightly rejects liabities, then >someone< has to foot the bill. Who is it? Which institution has the largest exposure.
(as a matter of fact many loans with insufficient / lacking documentation are prone to fraudulent behaviour. "Alt-A" do you hear me?)
FPDs are a direct result of fraudulent behavior.
bubbletracking.blogspot.com
Greed, Greed, Greed... Fraud, Fraud, Fraud... and Stupid is as Stupid does. These are what this housing bubble is all about. And these are what this flipper in trouble is all about.
Greed is purchasing a 2,631 sqft with $849,000 you don't have.
Fraud is refinancing that $849,000 and not making a single payment.
Stupid is wasting time with a $1.15 million, or $437/sqft price tag for 5 months. Stupid is insisting on $1 million, or $380/sqft despite a pending auction date. Stupid is chasing the market down and losing out on a potential sale to the next door neighbor who sold for a $315/sqft price tag.
Greed, Fraud, and Stupidity, that is what is all about!
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