Mortgages: Miami man faces fraud charge

Federal prosecutors filed a fraud charge Thursday against a Miami man accused of inflated credit scores in the creation of mortgage-backed securities at a South Florida firm.

[JMD]

How about we fine him 2.8 million and put him in jail for fraud. Let me get this right 2800 loans falsified and his attorney wants him to plead guilty to one. Lets fine him for being stupid and search his house for whatever drugs he is on. Enforce the laws we have.

[Realist]

If one individual originated this many fraudulent loans then there must hundreds of thousands of these loans floating around. And to think our tax dollars were going to be used to buy this crap under TARP.

[Bogus]

Way too much reliance on credit scores in the mortgage process. Wall Street desperately wants one number to assign risk to every transaction so that the operation can be computerized.

This guy was a thief of opportunity. The question is, did he do harm. I have never seen peer reviewed data that supports the so called fact that if all other parameters are equal, that a lower or higher credit score means anything.

The government has never said that they will help people with low credit scores only. Gimmick mortgages were sold to people of all scores and eventually all borrowers have problems paying them.

This guys lawyer should re-visit the types of loans and the modified/unmodified scores and see if modification had an impact. More likely it was the type and terms of loan that had an impact. What was the borrowers ability to re-pay. What were the outstanding debts. What was the income. What was the savings/assets cushion. Credit scores don't measure any of that. All of these factors affect re-payment, not paying your electric bill late. Modifying credit scores does no harm because the number is bogus. The court can't make a intelligent decision because the basis and calculations for credit scores is secret.

The insurance business does the same thing, generates rates based on credit scores. It is a bogus method of increasing rates. It allows them to increase the rates on a driver with a good record.

What the credit score represents is an enforcement action to punish those that pay late or dispute. They attempt to raise rates for all financial transactions if you pay a non-asset backed bill late or dispute a bill or don't pay a bill at all.

If you don't pay a car loan or a home loan, you lose the asset, which is far worse punishment.

[Truthteller]

Almost all the banks in the US are going to fail this year so get ready for a crazy ride

[scott]

Bayview is bad news. They are a hack firm run largely by incompetent people. There will definitely be other arrests made at Bayview Financial before it's all over in my opinion.

[Bye Beemer]

Bye $4 million waterfront home, bye expensive meals at exclusive eateries, bye country club, bye wife's Mercedes, bye kids' college educations - Hello Bubba!

[Please Not Another Bush]

Another POS who should be put away forever.

[sanfordb]

Watch for further bad news from Bayview Financial. A lot of people in the industry have been suspicious of the company for a long time.

[Marie in Miami Fl]

Unfortunnaly the mortgage fraud is all over the country........ many people were aware and participate on this, including clients. I am a Realtor for 28 years and I have never see something like this before..including Mayors, Governors, Congressmen and Senators in fraud. We are in an economic..sinkhole.

[nicolas fienberg]

Alex wrote:

I almost got scammed by a mortgage broker a few yrs ago. Her name? Yamilet Morejon. she scammed a few others I talked to with fake pay stubs, fake verification of jobs, incomes, bogus tax returns. She is walking free w/no arrest & no interest from Economic Crimes Bureau .

I also did know this lady and she was an extremely hard working person that people like you benefit from her and when you could not get any more out of her you went out and posted all this bullshit about her as far as I am concern she is a great person and becoming a great attorney so if I was you I would stop posting the wrong things about a person that you stole a lot of money from sincerely nick

[ROBERT RODRDIRGUEZ]

I knew a guy named alex that loved to post deceitful information about a girl named yamilet morejon , first he tried to rape her and than broke into her house and stole bunch of stuff from her house than threaten her with the police if she would not cut a deal with him on every loan she did and every money she made he treaten to kill her a couple of times talk about an assasin among us to scam a broker for money and also raped her wow this guy talking all this shit should really be locked up

[g brooks]

Jose Ramirez if you know Yamilet Morejon the way you say in your comments please tells us if is true that Yamilet Morejon got sick was hospitalized and now whoever was answering her phone is saying that she passed away. Is this true or is this another lie?

[miguel rojas]

I paid Miami Mortgage Center Corp for a loan modification and Yamilet Morejon took my money making me believe that she was working with my lenders. I called the lenders to confirm that in fact Yamilet was working on my behalf and they told no and also that what she was offering me I could do it without paying her...Miami Mortgage Center Corp by law should not charge for loan modifications. They are taking advantage of people who are desperate to save their home

[WE JUST DONT CARE]

nicolas fienberg wrote:

<quoted text>
I also did know this lady and she was an extremely hard working person that people like you benefit from her and when you could not get any more out of her you went out and posted all this bullshit about her as far as I am concern she is a great person and becoming a great attorney so if I was you I would stop posting the wrong things about a person that you stole a lot of money from sincerely nick

Exactly! She is a great person,some people ,for some obscure reasons,come to this forum to talk nonsenseand to damage other people professional images!By experiences I have noticed,that those who do that,are other latinos ,that envy the hard working Cuban people!

[Were just afraid]

WE JUST DONT CARE wrote:

<quoted text>
Exactly! She is a great person,some people ,for some obscure reasons,come to this forum to talk nonsenseand to damage other people professional images!By experiences I have noticed,that those who do that,are other latinos ,that envy the hard working Cuban people!

Now we know you then envy me. That must be why you go to the forums I go to say I am a woman beater and child rapist. But as you know people don't pay any attention to what you say. Only the naive ones do may be.

[Were just afraid]

Marie in Miami Fl wrote:

Unfortunnaly the mortgage fraud is all over the country........ many people were aware and participate on this, including clients. I am a Realtor for 28 years and I have never see something like this before..including Mayors, Governors, Congressmen and Senators in fraud. We are in an economic..sinkhole.

Now you also are a realtor...I get it you must be one of the most corrupt ones...that is how you made your money cheater

[WE JUST DONT CARE]

Were just afraid wrote:

<quoted text>Now we know you then envy me. That must be why you go to the forums I go to say I am a woman beater and child rapist. But as you know people don't pay any attention to what you say. Only the naive ones do may be.

Listen! I have never visited one of you scums forums. I have visited forums where you were posting too,but they were not indigena's forums at all. About you being a rapist and a woman beater,Well I didn't know you were one,but thanks you for telling us about it! I knew that there was a law that forces your kind to report to the authorities every time you people change of neighborhood,but I didn't know you had to make it public at a forum too!Did you served jail time for those crimes ,you are saying that you committed, or are you are being a fugitive since then? Btw,I find that kind of behavior despicable. Shame on you,how could you had done such a crime!That child llife must be shattered!I read a few days ago,that that type of crime was very high among Peruvians!

[WE JUST DONT CARE]

Were just afraid wrote:

<quoted text>Now you also are a realtor...I get it you must be one of the most corrupt ones...that is how you made your money cheater

Cherokee,being a realtor is as an honest job as your job as a foklore indian dancer back in Peru
http://www.youtube.com/my_videos_edit2 ...
What is really despicable, is your present job as a male stripper at that stinky gay bar called 'The Indian Hole', where tinsnip13 told me you were working!

[Were just afraid]

WE JUST DONT CARE wrote:

<quoted text>
Listen! I have never visited one of you scums forums. I have visited forums where you were posting too,but they were not indigena's forums at all. About you being a rapist and a woman beater,Well I didn't know you were one,but thanks you for telling us about it! I knew that there was a law that forces your kind to report to the authorities every time you people change of neighborhood,but I didn't know you had to make it public at a forum too!Did you served jail time for those crimes ,you are saying that you committed, or are you are being a fugitive since then? Btw,I find that kind of behavior despicable. Shame on you,how could you had done such a crime!That child llife must be shattered!I read a few days ago,that that type of crime was very high among Peruvians!

your mind is sliiping away old fart. Don't remember what you say anymore? You invented that story about Cherokee. But it is you the one lying not him.

[Jose Ramirez]

hey buddy how much did you still from her bank account why dont you post thAT INFO so that others can see how much you stole from her mailbox which is a federal offense in this country and how many stolen checks you took from her mailbox