The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Skeeter Bug who wrote (287600)	10/29/2010 4:17:05 PM
From: tejek	Read Replies (3) of 306849

it is a crime to give someone a loan that they can't pay back. I didn't know that was a crime. Is it a statute? Please provide a link. TIA. in 2007, citibank's underwriter said 80% of the loans DID NOT MEET CITIBANK'S UNDERWRITING CRITERIA. So what? The banks got real sloppy. We all know that. Its why citi is trading around $4. That doesn't mean any laws were violated. 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. And you know this how? Were you an originator? 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. What are you talking about?

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