Mortgage scam snagged scores

Jodi Lieder stands by the two Albertville town homes she was paid $10,000 to buy last year in what may be the largest mortgage fraud scheme in the state's history.

[Yikes]

What happens to the buyers? Didn't they technically commit fraud?

[STP Carrie]

Who in the hell lets a company use their name and credit to purchase a home they will never have to worry about?

And why exactly did these people think these companies were willing to pay them for their name and credit info?

Good grief. The dude who scammed them is a crook but the folks who bought into this also need to review their own behavior. I'd run fast, in the opposite direction, if someone ever proposed that to me. Then I'd report them for trying to scam folks.

[CCT]

Good grief! Common sense needs to prevail here. Nobody gets $5,000 just to sign some papers at a closing. Hello?? Time to wake up people!!!

[WhatEver]

They all are guilty! This is just the tip of the iceberg. Business owners do this all the time. Make up phony business names so they can transfer funds back and forth. I would look for him in Costa Rica.

[It was a simple fix]

There is a sucker born every minute. Giant red flags should have gone up when someone offers you something for nothing.

Of course none of these people were looking for a free ride just for signing a document!!!

[A Reagan Baby]

Send them to jail.

Is the pioneer press going to report about the sweetheart deals that the democrats on the senate banking committee got from Country Wide? The friends of Angelo are Democrats, but of they would have been Republicans something tells me they wouldn't have missed the weekend paper. I know MN is leading the march to "Hope Socialism", but there are still a few conservatives out here.

[THE TRUTH]

Technically these borrowers did commit some form of fraud. I have seen situations where borrowers bought homes with some of these investment groups and everything was legit and then the investors bought more properties without the clients knowledge. This is about the only way the borrowers didn't commit fraud. I have worked with many of these straw buyers when it became time to pick up the pieces and sort through everything. The funny thing is most were very nice everday people who got caught up in a get rich quick scam AND BEGAN TO LIVE WAY OUTSIDE OF THEIR MEANS. Examples luxury cars, executive HOMES the list goes on. So it leads me to believe that they would have continued to participate with these transactions since they couldn't afford their new lifestyle on their 9-5 income. IF IT SOUNDS TO GOOD TO BE TRUE IT USUALLY IS!

[Tom]

A Reagan Baby wrote:

Send them to jail.
Is the pioneer press going to report about the sweetheart deals that the democrats on the senate banking committee got from Country Wide? The friends of Angelo are Democrats, but of they would have been Republicans something tells me they wouldn't have missed the weekend paper. I know MN is leading the march to "Hope Socialism", but there are still a few conservatives out here.

Not every single story that touches humanity has a political party partisan view. The other day someone was putting a conservative/liberal twist in a post following a story about the China earthquake. It’s like you people are paid per story to canvass post and blog.

[Old White Guy]

Caveat Emptor

[Go DFL]

These poor people. Getting caught up in a fat cat scheme. this man belongs in jail along with the CEOs of the corrupt mortgage companies. This is the only way any of these "business" people will learn. Maybe all loans should be done through Fannie Mae with more regulation of course.

[in the middle]

He is in Naples with his girlfriend.

A little political slant is somewhat appropriate here in ref. to the lending. The democrats did push through new programs that would make it easier for many to buy homes that wouldn't normally qualify. Well there was a reason they wouldn't qualify, they didn't have enough to pay for it. Many of these people have lost their homes (didn't take a crystal ball) but the programs were also abused by investors and when the market changed there was nothing left but disaster.

Now lenders such as Countrywide are holding out on selling most of their forclosed properties so they can show losses and get either a financial or tax baliout from those very same politicians who are now complaining that those people the politicians fought so hard for, got taken advantage of, well they did, by those politicians. "First we help you, then we fight for you because you were wronged", it's a great gig if you can get it.

Meanwhile, the banks with foreclosures got the fed down to 2.5% so they can basically "refi" all their bad loans and sit on them waiting for the bailout, while writing off losses, only to eventually release them all on the market once they are bailed out, causing the stall to last longer. These little stories are great, but the real story lies with the banks and how they made billions over several years, are taking "losses" now, and how they work the system to get the bailout to only make billions again. At the end they are the real crooks, but that's what million dollar execs. get you, they know how to manipulate the system.

Pray to God that they don't get the bailout or you will see things in real estate you can't possibly imagine.

ps Jen B. I gave you Preiskorn's name months ago and you never called me back, there are plenty more where he came from.

[Get a Clue]

Where in Naples? How do you know?

[Mad Jack]

"Not everyone feels sympathy for the buyers. One associate in the real estate industry with knowledge of Blackstone's operation said they are just as guilty as the rest of gaming the market: "They got five grand and then they're claiming they didn't know? I blame them all."

Right on! The "buyers" are just as guilty as anyone in this scheme and should be prosecuted to the full extent of the law.

[Mr T]

These buyers are getting exactly what they deserve. No one in their right mind would have thought that these deals were legal. It is all about greed and what people will do to satisfy it. It think everyone involved should be prosecuted.

[Mad Jack]

Mr T wrote:

These buyers are getting exactly what they deserve. No one in their right mind would have thought that these deals were legal. It is all about greed and what people will do to satisfy it. It think everyone involved should be prosecuted.

Exactly. People like these have caused more damage than all of the subprime lenders put together.

[No Mo]

In addition to all the bailout crap these companies are likely to get at the expense of the tax payer, homeowners are being asked by the city to perform upkeep on these forclosed and abandoned properties the banks don't want to auction or sell off. I live on a block with four of these properties, they look like hello, we have complained to the city, and were told to 'be a good neighbor' and mow them ourself. For the owner/bank? Whisky Tango Foxtrot?!?!?

[Mykleone]

Fairy tales, greed and ignorance strkes again!

[Jayne]

There is no doubt in my mind that real estate and finance insiders caused the housing bubble and predictable bust, and therefore the damage to the U.S. economy. Scammers always find ignorant and willing consumers to aid them, but the masterminds are the industry insiders without whom the scams would never have been created or carried out. Fraud of all types is going on in these industries and only a fraction are ever prosecuted or even fined. People keep doing business with companies who were/are involved in scams, predatory lending, etc, which keeps it profitable. Any fines or trouble may be considered a cost of doing business as long as it remains overall a money maker. Consumers could put a stop to what the FBI and other govt agencies can't or won't, by simply NOT buying anything that is overpriced, has a one-sided contract, etc. To avoid problems consumers need to hire their own experts and I don't mean a real estate agent. (If you have a good one fine but some are just part of the con game IMO). Hire your own good home inspector even on a brand new home because they can be severely defective. Hire your own good lawyer, too. Don't sign a thing until you have had competent legal advice and fully understand everything. If you cannot afford experts to work on your side, don't buy. You stand to lose a lot more by skipping it. Scams depend on people being ignorant. Don't be.

[post info]

in the middle wrote:

He is in Naples with his girlfriend.
A little political slant is somewhat appropriate here in ref. to the lending. The democrats did push through new programs that would make it easier for many to buy homes that wouldn't normally qualify. Well there was a reason they wouldn't qualify, they didn't have enough to pay for it. Many of these people have lost their homes (didn't take a crystal ball) but the programs were also abused by investors and when the market changed there was nothing left but disaster.
Now lenders such as Countrywide are holding out on selling most of their forclosed properties so they can show losses and get either a financial or tax baliout from those very same politicians who are now complaining that those people the politicians fought so hard for, got taken advantage of, well they did, by those politicians. "First we help you, then we fight for you because you were wronged", it's a great gig if you can get it.
Meanwhile, the banks with foreclosures got the fed down to 2.5% so they can basically "refi" all their bad loans and sit on them waiting for the bailout, while writing off losses, only to eventually release them all on the market once they are bailed out, causing the stall to last longer. These little stories are great, but the real story lies with the banks and how they made billions over several years, are taking "losses" now, and how they work the system to get the bailout to only make billions again. At the end they are the real crooks, but that's what million dollar execs. get you, they know how to manipulate the system.
Pray to God that they don't get the bailout or you will see things in real estate you can't possibly imagine.
ps Jen B. I gave you Preiskorn's name months ago and you never called me back, there are plenty more where he came from.

post your info you have on him so he can give answers

[post info]

post your info on him so he can give his answers