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Seven indicted in multimillion-dollar mortgage scheme

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Mortgage Professional America | 30 Jun 2015, 08:00 AM Agree 0
Seven Californians face up to 30 years in prison each if convicted in a multimillion-dollar mortgage fraud scheme
  • | | 30 Jun 2015, 12:26 PM Agree 0
    it's too bad that they can't go after the individuals that ran the financial institutions that were at ground zero with the same fervor.
  • A | | 30 Jun 2015, 04:04 PM Agree 0
    TARP is the big ripoff. One securities company out of New York told me that his company was 'made' to take the TARP, that they didn't need it or want it. There were actually only a few that did need it and places like Wells Fargo among others were made to take the money and pay it back with INTEREST. So if the banks and securities companies that took the TARP are or have already paid it back with interest why are tax payers paying for it too? That is the real scam and fraud. Wells Fargo paid theirs back a long time ago with INTEREST! Where is the interest going? Where are the earnings from fannie mae and freddie mac going? In a contract there is usually something that states that management will be replaced or that the 'partner' has the right to buy out or take over in the event of failure. The failure was induced by the Clinton Administration 'every American should own a home', remember that speech? These new programs caused fannie and freddie to fall allowing the Govt to take them over. I would think it was planned. If it were me and I wanted to take over that is exactly how I would do it. The US government is meant to govern they are not meant to own publicly traded companies. The government doesn't post a quarterly report so we don't know where are TAX dollars are going or how much we are paying in cumulatively or where it goes exactly. The Government want's accountability, I would like to see some from them:) There were no government owned publicly traded companies before Obama now there are three though freddie and fannie were already in the works.
  • A Bigger Better Mortgage | | 30 Jun 2015, 04:39 PM Agree 0
    p.s. A- Forcing bail out funds onto entities who refused it and were strong armed into taking it & made to pay it back with interest is not acting as government. Extortion practices are more mafia like than government. It's the 'do as I say not as I do' rule, lol.
  • FTHBGuru | | 01 Jul 2015, 01:51 PM Agree 0
    @A: Bottom line. The blame for spreading thick, putrid layers of toxic mortgage sludge across America falls squarely in the laps of the Wall Street criminals who created the CDOs, CMOs, etc. and paid the ratings agencies to issue bogus AAA ratings. It does not get any more complicated than that...
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