The heads may be starting to roll as a result of mortgage fraud probes. Generally the fraud arrests are focused on the local broker or appraiser. With this new development that was anticipated in the internet news yesterday, and just now announced.
I read the announcement in MSN.com .
This has more to do with a larger scale fraud towards secondary investors.
Other headlines in some newsletters.
Key senators being investigated
Former BofA exec faces 35 years
This may be the first of many.
I will update more as I read further.
Richard
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No doubt there was a lot of shady deals going on. I am sure glad I wasn't a shareholder.
If Bear Stearns as a whole was ran like their wholesale lending division, jail is good place for these people.
James, I am not sure how to take that comment. It sounds like a loan officer who had some bad experiences with EMC, but you are an appraiser.
Look at this link that came up in a search.
http://www.ripoffreport.com/searchresults.asp?q1=ALL&q4=&q6=&q3=&q2=&q7=&searchtype=0&submit2=Search!&q5=EMC+Mortgage+
Wow, not real good happy customers posting there.
John, As the day progressed the article changed from 300 mortgage originators being arrested to 400 real estate industry players. I wonder what that change is supposed to signify. And I wonder what type of fraud or "shaky dealings" were going on. I think it is more that a bunch of brokers overstating income on stated loan programs. Maybe it is along the lines of misrepresenting fund performance??
Maybe somebody on AR has more insight into this. They might not be able to speak about it.
Anyway, its big news. Bigger probably than Enron.
Richard
Richard, the debacle is not even close to being over. The question is how to rise above it. Good people will always be the recipients of good! That is just how the world works.
Bo,
Always good to hear your perspective - fresh and encouraging.
You are right, though, the debacle is not over. Who will rise above it.
Those who hussle and learn to work in the new market realities, which includes how to market in the new realities.
Richard
So many are not making it I hope it is over soon.