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Discussion Starter · #3 ·
I think an estimate can easily be turned into an invoice. And it is another thing to receive money and give it back.

I don't think banks like it very well to lose money.
 

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The victims were identified Wells Fargo, Bank of America, U.S. Bank, CitiMortgage, GMAC Mortgage, and JPMorgan Chase.

were these not the banks that were the major players in the housing bubble crash thing......meaning they gave loans to people who couldn't afford them or something like that?


I get asked to pad numbers, I make a point to say if i print it you pay it. I don't need to be on the hook for some BS.
 

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Discussion Starter · #10 ·
Initial appearances are set for tomorrow. The attorney doesn't have an appearance tomorrow but is scheduled to plead guilty on the 28th of this month.

The attorney closed 18 bad deals for the two guys who owned a loan modification company and a short sale company.

The other two charged were only involved in one deal each and maybe nothing will become of that.

The loan modification and short sale company guys were getting the short sale prices knocked down well below market value and then selling them immediately for what must have been market value. They must have been making $25,000 per house to make $400,000 on 18 deals.

On one hand, the banks were stupid to allow the homes to sell for $25,000 less than market value. On the other hand, it may have been better for the banks than to sit on them for a couple years as they went through the foreclosure process and fell in value.

On the other hand, the company negotiating the short sale values shouldn't be allowed to buy and sell the house in question.

I guess this is a new industry and all these parameters have to be tested.
 

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Finishing Carpenter
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people are very creative, especially when they think they can make a buck.

I wonder how the authorities got on to them? did they get too greedy?
 

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Discussion Starter · #13 ·
I'm not sure how the feds got onto them. I'm not sure about what they did that was illegal.

Seriously, it is difficult to tell what is right and wrong. The banks get people in over their heads by telling them to falsify documents, then the real estate investors make money when the banks foreclose. The banks get a bail out from the gov't and others go to jail.
 

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GC/carpenter
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If I falsify documents and get in over my head it's not a banks fault. I'm a grown ass man. I know if I make 20k a year I can't afford 30k a year. Isn't anyone responsible for thier decisions?
 

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If I falsify documents and get in over my head it's not a banks fault. I'm a grown ass man. I know if I make 20k a year I can't afford 30k a year. Isn't anyone responsible for thier decisions?
I agree.

Whats your position on the bank bailout? In my view it stands to reason that the banks also made irresponsible decisions by loaning out sub-prime mortgages ... shouldn't they be on the hook as well and take responsibility for their actions rather than get a bailout?

Of course it gets much more complicated when you consider the government was "forcing" or encouraging the banks to make risky loans and promising them that they'd be taken care of (which they were) if things went south.

I think the bank/government relationship is a very bad thing for this country.
 

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GC/carpenter
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I agree.

Whats your position on the bank bailout? In my view it stands to reason that the banks also made irresponsible decisions by loaning out sub-prime mortgages ... shouldn't they be on the hook as well and take responsibility for their actions rather than get a bailout?

Of course it gets much more complicated when you consider the government was "forcing" or encouraging the banks to make risky loans and promising them that they'd be taken care of (which they were) if things went south.

I think the bank/government relationship is a very bad thing for this country.
Absolutely they should be held accountable for the bailouts but not for a HO lying about thier income. Even if the broker suggested it. The HO's weren't children, they were grown ass adults.
 
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