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Mortgage fraud: $500b of 'liar loans'
Topic Started: 11 Sep 2017, 02:27 PM (4,849 Views)
herbie
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Ex BP Golly
14 Sep 2017, 10:04 AM
We ... should lock up people who commit mortgage fraud.

Maybe we do lock up some serious offenders? Or maybe we don't? I don't know.

But I'd doubt locking up people who commit 'attempted' mortgage fraud is gunna be a goer.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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hidflect
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There's fraud at many levels in housing. Consider:

Did you know housing gets counted twice in GDP?
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Ex BP Golly
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Rufus
14 Sep 2017, 10:17 AM
Men kid themselves about the size of their penis, women think that they are prettier than they really are and if they are looking for love on line they will put up a nice 10 year old photo of themselves.

If I ask someone the value of their house which they think is worth $580,000 they will say "about $600,000"

And so it goes - everyone spins a bit of BS, it's not a crime and nor is it a crime to not know the exact value of something or even the exact annual income you are on - if you say you earn about $65,000 and it turns out to be $62,650 how is that a crime.

You are incredibly stupid if you don't understand human nature, or consider that banks have ways of finding out the true value of assets that are taken into account when evaluating a loan application. Most people are pretty close, but when they do err it's usually on the high side, and that is why all details that matter are thoroughly checked.

But don't let facts get in your way, please get straight back into your petty little ad hominin that make you look like a child who just dropped his lolly in the dirt.
I (and legislators) understand human behavior.
That why these things are crimes, and are specifically covered in contracts.

You can keep pretending that mortgage fraud is arsehole overestimating the value of their portable goods, but we all know it is much more than that.

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rufus
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Ex BP Golly
15 Sep 2017, 07:36 PM
I (and legislators) understand human behavior.
No, I'm sorry but you don't.
Take risks - if you win you will become wealthy, if you lose you will become wise
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herbie
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Ex BP Golly
15 Sep 2017, 07:36 PM
... human behavior ...
UBS survey? - Wouldn't surprise me if at least some respondents were braggarts; Who felt to big note themselves by stating how much they ripped off/fooled tha banks ...

Tho drag them off in front of a judge 'n they'd be squealing like stuck pigs that "I DIDN'T do it Ya Honour! - TRUST me!!! ... Where's all them Bibles and Korans or wotever for me ta lay me hand on?"

Yep, funny ole thing is 'human behaviour' - Is my general observation/thought anyways.

Hmmm - Don't know much about surveys meself, but did kinda get tha impression once from a bloke who I can only assume knew rather more about 'em than me, is that it could be important to build in some 'test questions' that at least give you a bit of an idea if tha respondent is likely ta be a BS artist or not.

Did UBS do that? ('N then disgard tha results from 'tha dodgies'?) - I've got no effin' idea if they did or didn't.

But anyway, as stated, it still wouldn't surprise me too much if at least some respondents were braggarts; Who just naturally felt to big note themselves by saying how much they reckoned they'd ripped off/fooled tha banks.

Coz one thing that is for certain sure ('n you'll see it evidenced on this site repeatedly - by both bears and bulls [meself included I fully expects]), is that humans generally prefer to have a self image of being 'smarties' as opposed to one of being 'dumb f***s'.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Ex BP Golly
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Rufus
15 Sep 2017, 07:44 PM
No, I'm sorry but you don't.
Yes I do.

Plus banks love the fact you losers give them a contractual escape clause from day one.

Even better than an escape clause, they'll be able to seek damages from any losses they incur due to fraudulent criminal behaviour.



Edited by Ex BP Golly, 15 Sep 2017, 10:46 PM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Rat
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Filthy Rodent

Ex BP Golly
15 Sep 2017, 10:10 PM
Yes I do.

Plus banks love the fact you losers give them a contractual escape clause from day one.

Even better than an escape clause, they'll be able to seek damages from any losses they incur due to fraudulent criminal behaviour.


Cool story bro. :tu:
Consumer protection laws extended to small businesses. Banks not permitted to repossess due to non-monetary defaults (for example, a fall in the property value).
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deluded
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It's all part of a trend toward more crime.

The people's addiction to materialism can't be sated by ever decreasing real wages. So, ofcrouse they will supplement incomes with other means.

Fraud and corruption allegations double in a year...

https://thewest.com.au/news/wa/bad-behaviour-sees-68-public-servants-sacked-as-fraud-and-corruption-allegations-double-in-a-year-ng-b88599444z

I have sections titled 'fraud' and 'corruption' in my google news feed. You can include whatever key words you like. Been following these topics for years now.
Real Trump News -- Real Climate Science News -- Real Democrat Party News
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Ex BP Golly
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Rat
16 Sep 2017, 06:12 PM
Cool story bro. :tu:
the terms and conditions make a great read bud.
Edited by Ex BP Golly, 17 Sep 2017, 11:08 AM.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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hidflect
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Ex BP Golly
16 Sep 2017, 10:55 PM
the terms and conditions make a great read bud.
Everybody gets off scot free. The mortgage insurer doesn't have to pay out. The bank doesn't have to honour any conditions. The mortgage broker and their commission is long gone. Oh, the homeowner loses everything. Too bad. They're criminals. It's not like the bank didn't know full well that the claims were fraudulent, isn't it?
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