FBI says 25 indicted in mortgage frau...

FBI says 25 indicted in mortgage fraud scheme

There are 39 comments on the Chicago Tribune story from Feb 9, 2008, titled FBI says 25 indicted in mortgage fraud scheme. In it, Chicago Tribune reports that:

The FBI says 25 people have been charged in one of the biggest mortgage fraud schemes ever prosecuted in the Chicago area.

Join the discussion below, or Read more at Chicago Tribune.

First Prev
of 2
Next Last
mtge brokers beware

Machesney Park, IL

#1 Feb 9, 2008
there are many of you out there who for the sake of earning a commission, put many familys in trouble.
I hope the Fed catches and prosecutes all of you!
Don_Mason

San Antonio, TX

#2 Feb 9, 2008
FBI might as well arrest the Mortgage Lenders who made money processing these Loose Sub-Prime high interest Loans as well, and ....,

Indict & Arrest Pres. Bush and his co-hort Dick Cheney all of congress who did not provide proper oversight of not just the Mortgage industry but over the DRUG Mfg and...,
OIL Companies who have been gouging ordinary Americans savings since exploiting Hurricane Katrina .
Mark

Mount Prospect, IL

#3 Feb 9, 2008
Wow!!! What a hard hitting article. Very in-depth reporting!!!!!
clyde

Brunswick, GA

#4 Feb 9, 2008
I wonder how many of these people charged with fraud are the BUYERS?
clyde

Brunswick, GA

#5 Feb 9, 2008
Mr. Mason needs to go to the bathroom more often. He'd feel better.
timmy

Chicago, IL

#6 Feb 9, 2008
Don_Mason wrote:
FBI might as well arrest the Mortgage Lenders who made money processing these Loose Sub-Prime high interest Loans as well, and ....,
Indict & Arrest Pres. Bush and his co-hort Dick Cheney all of congress who did not provide proper oversight of not just the Mortgage industry but over the DRUG Mfg and...,
OIL Companies who have been gouging ordinary Americans savings since exploiting Hurricane Katrina .
Don, Who ties your shoes in the morning?
djt

Edison, NJ

#7 Feb 9, 2008
Don_Mason wrote:
FBI might as well arrest the Mortgage Lenders who made money processing these Loose Sub-Prime high interest Loans as well, and ....,
Indict & Arrest Pres. Bush and his co-hort Dick Cheney all of congress who did not provide proper oversight of not just the Mortgage industry but over the DRUG Mfg and...,
OIL Companies who have been gouging ordinary Americans savings since exploiting Hurricane Katrina .
Obviously you know nothing about Economic Issues.

Why don't you blame the real culprit, Democrat Politicians who brayed like the Mules they are for years, over the 'unfair' Lending Standards, they percieved as keeping the Rabble from the 'American Dream'. Now the Rabble blames the Banks and Business, always biting the hand of what feeds it.
wooley

United States

#8 Feb 9, 2008
Everyone with a decent credit got in on the deal,guess there will be indictment
Believer

Aurora, IL

#9 Feb 9, 2008
mtge brokers beware wrote:
there are many of you out there who for the sake of earning a commission, put many familys in trouble.
I hope the Fed catches and prosecutes all of you!
I don't believe this is about mortgage brokers making loans available to people who are too stupid to realize they can't afford home ownership and should be renting. This sounds like scammers selling homes they don't own. Not that you could tell by the article.
Believer

Aurora, IL

#10 Feb 9, 2008
djt wrote:
<quoted text>
Obviously you know nothing about Economic Issues.
Why don't you blame the real culprit, Democrat Politicians who brayed like the Mules they are for years, over the 'unfair' Lending Standards, they percieved as keeping the Rabble from the 'American Dream'. Now the Rabble blames the Banks and Business, always biting the hand of what feeds it.
I believe Don was being facetious.
Scott

Cary, IL

#11 Feb 9, 2008
All women are NOT dumb. All cops are NOT crooked. All Irish are NOT drunks. The radio talked about street gang members, not mortge brokers and/or lenders, and they are not listed in this article.

Too many people are poorly informed, prejudiced and content to spread inflamatory ignorance, rather than to wait to get the facts.
Most mortgage brokers are small, neighborhood businesses that work hard, pay taxes, hire your neighbors and try to help people buy their own homes. They would agree that those who put families at unnecseindle families should go to jail.
Illinois has done a lot to strengthen licensing and enforcement of Mortgage Brokers. Banks and other nationwide lenders are regulated by Federal Law, which has not kept up.
The leading cause of foreclosure is job loss. It is followed by high medical bills, huge real estate tax increases (especially in Indiana) other consumer debt. It makes sense that sub-prime borrowers have more problems paying thier bills, but it's not a Mortgage Broker's fault that factory jobs are going to Mexico.
djt

Edison, NJ

#12 Feb 9, 2008
Believer wrote:
<quoted text>
I believe Don was being facetious.
It's so overboard, I think your right. Sorry Don.
Reality

Glen Ellyn, IL

#13 Feb 9, 2008
The should arrest the person who wrote this article for AP and the person at the Trib who decided to put it here. A 5th grader could write a better story.

ZELL - fire the person who decided to put this article here!
Casper

Chicago, IL

#14 Feb 9, 2008
What a bunch of low lifes, let them rot in jail.
Casper

Chicago, IL

#15 Feb 9, 2008
What is your problem Sybil?
Reality wrote:
The should arrest the person who wrote this article for AP and the person at the Trib who decided to put it here. A 5th grader could write a better story.
ZELL - fire the person who decided to put this article here!
Jackie

La Grange, IL

#18 Feb 9, 2008
Scott wrote:
All women are NOT dumb. All cops are NOT crooked. All Irish are NOT drunks. The radio talked about street gang members, not mortge brokers and/or lenders, and they are not listed in this article.
Too many people are poorly informed, prejudiced and content to spread inflamatory ignorance, rather than to wait to get the facts.
Most mortgage brokers are small, neighborhood businesses that work hard, pay taxes, hire your neighbors and try to help people buy their own homes. They would agree that those who put families at unnecseindle families should go to jail.
Illinois has done a lot to strengthen licensing and enforcement of Mortgage Brokers. Banks and other nationwide lenders are regulated by Federal Law, which has not kept up.
The leading cause of foreclosure is job loss. It is followed by high medical bills, huge real estate tax increases (especially in Indiana) other consumer debt. It makes sense that sub-prime borrowers have more problems paying thier bills, but it's not a Mortgage Broker's fault that factory jobs are going to Mexico.
You wasted too much time in your reply. One word sums it up for both sides. Greed.
Joe

Cicero, IL

#19 Feb 9, 2008
The REAL crime is poor people trying to rise out of poverty in any way they can come up with while 'the powers that be' move to block ALL avenues to prosperity. Soon having money will be outlawed altogether for all but the rich and privileged.
Midwest_Guy

United States

#20 Feb 9, 2008
Scott wrote:
Most mortgage brokers are small...
"Most mortgage brokers are small, neighborhood businesses that work hard, pay taxes, hire your neighbors and try to help people buy their own homes."

Brokers that pushed sub-prime mortagages deliberately failed to screen the applicant's ability to repay. These brokers were more interested in making a commission. Everyone from the broker to Wall Street got their "piece" of the pie.

"Banks and other nationwide lenders are regulated by Federal Law, which has not kept up."

Yes, of course, the banks are regulated by Congress. Have you ever viewed the membership lists of the House and Senate's Subcommittees on Banking? It's a who's who of the most inept, incompetent morons on Capitol Hill. Am I to assume none of these elected representatives has ever heard of a sub-prime mortgage loan?

"The leading cause of foreclosure is job loss. It is followed by high medical bills, huge real estate tax increases (especially in Indiana) other consumer debt."

True, historical data supports that. However, today it is the sub-prime mortgage.

"It makes sense that sub-prime borrowers have more problems paying thier bills, but it's not a Mortgage Broker's fault that factory jobs are going to Mexico."

It is the broker's fault for pushing sub-prime loans, period. Brokers placed commissions ahead of ethics.
thomas

Mckeesport, PA

#21 Feb 9, 2008
Not much info in this article to even comment on. There is a lot missing here. I kept looking for 'next page'.
Wasn't there.

Since: Oct 07

Munster, IN

#22 Feb 9, 2008
I'm a realtor who worked for a couple of years for a couple of mortgage brokers...The feds should arrest them all and take away their licenses permanently. If people were qualified, they could get financed at local banks who are a little nore conservative in their lending practices.
These mortgage brokers only care about making a sale, much like used car salespeople who offer low down, high interest rate loans to people with shaky credit and then re-po the cars two months later.

Re-po'ed homes are a blight to a community moreso than used cars that sit on used car lots and re-po'ed homes at over inflated prices may have caused surrounding homes to be over assessed when it came to pay property taxes.

These mortgage lenders should not be bailed out by the government. They should all be held accountable and lose their business licenses and their broker's licenses.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker
First Prev
of 2
Next Last

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Mortgage Discussions

Title Updated Last By Comments
News Buying homes tough for young families (Aug '14) 16 hr sgonsalves 5
News Downtown Winnipeg developments bring opportunit... 20 hr Gourd Steaves Dev... 2
News Paulson insists bailout restoring stability (Nov '08) Jul 18 Hillary Voters Ma... 21
News Bank of America profits fall 20 percent, hurt b... Jul 18 jasonJay351 1
Outreach Housing LLC & Blair Wright (Oct '08) Jul 15 Reality Check 234
News US stocks climb on strong June jobs report; ban... Jul 11 Mugs mahone 1
News Marriage Licenses Steven Gibson (Oct '12) Jul 10 Nosey 10
More from around the web