Massive Mortgage Fraud Ring Busted
A fraud ring involving 13 people and potentially $100 million of losses was charged yesterday by the Manhattan District Attorney. Much of the illegal activity occurred over the past four years in the East New York and Cypress Hills sections of Brooklyn, according to the NY Times. The ringleaders of the scam, which involved targeting…
A fraud ring involving 13 people and potentially $100 million of losses was charged yesterday by the Manhattan District Attorney. Much of the illegal activity occurred over the past four years in the East New York and Cypress Hills sections of Brooklyn, according to the NY Times. The ringleaders of the scam, which involved targeting troubled homeowners and duping buyers with good credit into purchasing the homes at inflated prices to suck out the largest mortgage possible, were three principals in the Long Island-based AFG Financial Group.
Pretentious cognizant mannerism’s suffice our palate for entertainment.
Greed was detrimental and felonious in this matter, no question.
But when observing becomes ‘seeing-all with disregard to opposing views and or facts, i’d petition this year’s “wake the fok up award” to shared rather than singled out.
Step away from the keyboard- it’s just the internet.
Asking What a question and expecting a response. Maybe we should all know better by now. At least everyone in my neighborhood responds when you greet them. Don’t know where What was raised.
I’ve heard of it but don’t have to read it, I see it!
Man it’s gonna be fun very soon…
The What
Someday this war is gonna end…
Posted by: Return of The What at July 9, 2009 3:38 PM
Why is that, What???? Please, tell us.
“Yo What, you read Contagion by John Talbot yet? Me thinks you likey.”
I’ve heard of it but don’t have to read it, I see it!
Man it’s gonna be fun very soon…
The What
Someday this war is gonna end…
It’s hard to find a house because…
We’ve essentially been in a real estate bubble that started in 1981–right after Reagan rode into town on a deregulatory horse. It then got a hit of the Nitro tank in 1997 when banks started offering exotic loans.
The final straw was kicking the internet bubble can down the road via Greenspan keeping rates at 1% long after the mini recession ended, and then Rubin/Clinton repealing Glass Steagle, allowing the derivitives market to mutate this mass leveraging of our national balance sheet beyond repair.
Or in short, our national ethos of spending beyond our means and chasing the almighty buck have effed us in the A.
We’ve been in a cyclical bear market since 2000, this sh*t ain’t over by a long shot.
Yo What, you read Contagion by John Talbot yet? Me thinks you likey.
The start of more serious investigations to come? Or bread and circuses while the the real culprits relax in the Hamptons for the season…?
The sellers look like the most sympathetic case here. The buyers–not so much, on the face of it they look like they were trying to make a quick buck and got caught with their pants down. On the bank side, nice to see the rogues’ gallery of crappy subprime lenders eating the losses on this scheme.
Thank you for seeing my point, What.