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.
” If you mean it’s because the housing stock has been run into the ground and ruined by various nefarious forces of the last three years such as flippers, ARMs, fraud, and predatory lending, then I would agree”
This year’s Wake the F****** up Award goes to Mopar!
The What
Someday this war is gonna end…
Huh? Why is it hard for me to find a house, What? If you mean it’s because the housing stock has been run into the ground and ruined by various nefarious forces of the last three years such as flippers, ARMs, fraud, and predatory lending, then I would agree. I occasionally see a house in which a family has lived for a long time, and they are generally in better condition than the others. There isn’t much difference between the families of the former and the latter, except the types of loans.
Pay no attention to the babbling man with the flawed logic.
Tell us What…..what is going to happen in 4 months?????
“That’s taking advantage of people who don’t have enough money to pay their mortgage. How do you know they are “greedy”? Maybe they lost their jobs. Maybe they were little old ladies with health problems and no insurance or whose sons stole all their money.”
Maybe they couldn’t afford the house in the first place….
I’m willing to bet a dollar to a donut those houses was brought within the last 7 years!
Why do you think it’s very hard for you to “Find a House” now Mopar! Remove your head out of your ass.
“By your logic, it’s OK to scam people because they’re “greedy.” Classic criminal justification for taking advantage of others.”
Yep!
The What (Ker-Boom!!!!!!!!!)
Someday this war is gonna end…
“That’s taking advantage of people who don’t have enough money to pay their mortgage. How do you know they are “greedy”? Maybe they lost their jobs. Maybe they were little old ladies with health problems and no insurance or whose sons stole all their money.”
Maybe the couldn’t afford the house in the first place….
I’m willing to bet a dollar to a donut those houses was brought within the last 7 years!
Why do you think it’s very hard for you to “Find a House” now Mopar! Remove your head out of your ass.
“By your logic, it’s OK to scam people because they’re “greedy.” Classic criminal justification for taking advantage of others.”
Yep!
The What (Ker-Boom!!!!!!!!!)
Someday this war is gonna end…
The story says:
“the company would seek out homeowners in trouble with their mortgages, often by finding owners who had missed mortgage payments, and offer to take their homes off their hands.”
That’s taking advantage of people who don’t have enough money to pay their mortgage. How do you know they are “greedy”? Maybe they lost their jobs. Maybe they were little old ladies with health problems and no insurance or whose sons stole all their money.
By your logic, it’s OK to scam people because they’re “greedy.” Classic criminal justification for taking advantage of others.
“What, you approve of criminals swindling poor people out of their houses? I don’t get it.”
This was not “Poor people” they was “Greedy little Bastards”!
Everyone was/is a victim of the Mutant Asset Bubble. How do you think we got high valuations? Very soon a House will be something we live in, instead a investment…
It’s all over but the crying. Cue the Violins….
The What (Hurts now huh?)
Someday this war is gonna end… <– Pay attention Stupid!
Excellent. These people are evil. And New York has not been doing enough to persecute this kind of fraud.
What, you approve of criminals swindling poor people out of their houses? I don’t get it.
You mean your only source of income has been busted?