Sonoma Housing Bubble

Pulling the cork out of Sonoma's bubbly housing foolishness

Wednesday, March 15, 2006

Still More Fraud...


Today's Fraud memo brought to you by: Marinite

Some choice snippets from a Mortgage Industry Insider. (please go to the marin real estate bubble site for the full monty)

"Stated income loan fraud is so wide-spread in areas of the East and West coast, here are actually mortgage brokers who openly admit to doing it. I myself am a broker and am subscribed to an industry internet message board at http://www.brokeroutpost.com/."

"These people are so naive, crooked, or comically misinformed that they are actually posting this on a PUBLIC internet forum! Considering the fact that there are actually enough mortgage companies participating in this that they have LO openly discussing it on an internet message board, how many "smart" crooks do you think there are that DON'T discuss it?"

The following link will take you to an article written by the Mortgage Industry Insider on the state of mortgage fraud in the world of mortgage brokers.

http://mortgagecents.blogspot.com

"You can bank on the prediction that stated income loan programs will be the subject of massive federal investigations in the coming months and years."

12 Comments:

At 3/15/2006 12:26:00 PM , Blogger Marinite said...

The "insider" is writing a full-blown article that he promises to send me in PDF format or at least a link to it. In any event, the article is being written so as to be sent to various congress people and other officials/"higher ups". I think that is great...power to the people!

Marinite
Marin Real Estate Bubble

 
At 3/15/2006 03:04:00 PM , Blogger moonvalley said...

This comment has been removed by a blog administrator.

 
At 3/15/2006 03:06:00 PM , Blogger moonvalley said...

I love the term "calming of the market"..life support is a better term. This economist is an old old friend of mine. I've known him for 20 years. Before this he worked at CAR .He was the one who was telling us to invest in SD condos back in '04. His wife was pretty stoked about it. Hope they didn't put the kids college fund money into anything.
here's the link

 
At 3/16/2006 09:05:00 AM , Blogger BubbleMavric said...

Not to be cruel, but has anyone ever talked to a mortgage brokers or real estate agents, and thought "glorified car salesman?"

bubblemavric
BubbleTrack.blogspot.com

 
At 3/16/2006 12:02:00 PM , Anonymous Anonymous said...

yes, often actually. I know this isn't a political forum, but I heard something today that was an interesting tie in to a political issue. There is a lot of conflict in Sonoma about building a new hospital. The people in favor of it want to force the Leveroni family to give up some of their land, impose eminent domain to do it. There are many people against it and the proponents have been using scare tactic rhetoric saying if this doesn't pass there will be no hospital in sonoma. Like a our way or the highway. many of these are elected officials. They are trying to appeal to all sorts of groups and predicting dire consequences if their measure fails. And today I heard that they have been reaching out to the real estate community and saying that if this measure fails, there will be no hospital and if there is no hospital property values will fall. The prices of homes will fall and their livelihood will be at stake.

Talk about reaching.

 
At 3/16/2006 02:38:00 PM , Blogger moonvalley said...

the proponents have been using scare tactic rhetoric saying if this doesn't pass there will be no hospital in sonoma.
I know. This has been a hot topic around the Boulangerie every morning. Some people have stopped speaking to each other.It's total scare tactics.I'm surprised the City Council has gotten partisan on the subject.

 
At 3/17/2006 08:42:00 AM , Blogger Athena said...

Oh- this is a big issue all over town. I hadn't known about the real estate connection but LOL... it certainly doesn't surprise me. There was a rally for the No on C committee last night that we went to. this is a very emotional issue for people here.

 
At 3/17/2006 10:51:00 AM , Blogger moonvalley said...

we were going to go to the ralley too Athena, but we've got a script deadline. There's going to be another one next week.Our Yes on C friends at the bakery have been strangely cool.

 
At 3/17/2006 10:55:00 AM , Blogger Athena said...

There is a volunteer session saturday over at Moon Valley mobile home rec. room also. They are doing training/mobilization for phone and precinct canvassers. Its from 10-12.

LOL... there are lines drawn within families as well. You can see the signs on the lawns of family members and see what kind of dinner conversation they are having. ;-)

 
At 3/17/2006 02:20:00 PM , Blogger moonvalley said...

we were walking past the bakery just an hour ago, badmouthing yes on C when who should we see walking in front of us..two big C supporters. I don't think they heard us.

 
At 3/17/2006 03:09:00 PM , Blogger Athena said...

Let me know if you need some buttons or yard signs! :-D

 
At 6/26/2006 03:39:00 AM , Blogger bestmotoroil said...

Great article! Mortgage. Find best mortgage rate and mortgage calculator.

 

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