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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tejek who wrote (287587)10/28/2010 7:21:07 PM
From: Skeeter BugRead Replies (2) of 306849
 
>>What laws did they violate? Mortgage documents are provided the client before closing. If the borrower doesn't bother to read them whose fault is it? If loans are packaged in CDOs and sold to a third party and the third party doesn't bother to do some DD before the deal is consummated whose at fault? When learning real estate, the phrase Caveat Emptor is repeated over and over again. Buyer beware!<<

the committed felony fraud in the inducement, they committed securities fraud, they committed insurance fraud, and they falsified documents for the court and committed perjury.

where to start...

let's keep this at the loan origination process.

it is a crime to give someone a loan that they can't pay back.

in 2007, citibank's underwriter said 80% of the loans DID NOT MEET CITIBANK'S UNDERWRITING CRITERIA.

in addition, mortgage originators faked data on the documentation and, in some cases, put some fraudulent papers on top to mislead the buyer and then simply tossed those documents into the garbage can.

now you know why these criminals bought multiple insurance policies per home - they had every incentive to package all the trash they could.

the insurance was written at AAA rates on complete toxic trash that didn't even meet the banks underwriting standards.
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