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View Diary: Our Economy: MASSIVE FRAUD By Mortgage Industry. (269 comments)

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  •  Obama is first and foremost a pragmatist and (1+ / 0-)
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    a politician. He is all about the art of the possible.

    I see opportunities in the ARRA and I believe we will see an eventual accounting of all these abuses.

    If the world doesn't adapt to our existence, then we should change the world. rserven 2/20/09

    by AntKat on Wed Feb 25, 2009 at 04:27:20 PM PST

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    •  Or maybe it is indeed the case that many (1+ / 0-)
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      Americans were guilty of greed. Real estate is going up! Get in now! No money down! Haven't any of you watched mid-day or mid-night infomercial TV?

      The fact that mortgage fraud existed does not imply that a) all borrowers who are in trouble were victims of it or even b) that all mortgage fraud was perpetrated on the borrower. Much mortgage fraud consisted of borrowers and brokers scheming to artificially inflate income or appraised values in order to trick the lender.

      •  read the stories in the link...end of diary. (1+ / 0-)
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        one crime after another.

        The greatest gift you can contribute to the goal of world peace is to heal.

        by wavpeac on Wed Feb 25, 2009 at 07:11:09 PM PST

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        •  The articles you link to (1+ / 0-)
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          about mortgage fraud funding terrorism describe exactly that - borrowers, surveyors and brokers conspiring to defraud lenders.

          I don't disagree with you that this is only a small part of the problem.  But you undermine your argument with all this terrorism stuff.

          •  No the links at the end of article (0+ / 0-)

            stories of one person after another where laws were violated that perpetuated and caused foreclosure. They violated TILA laws as they put people in foreclosure. Often because of accounting errors, errors and manipulations in escrow, escrow shortage fees, property inspection fees, fees for cashing your check. It's accounting fraud, it's stealing. And it forced many foreclosures and home losses. I had the money to pay myself out of foreclosure but the amount I owed doubled due to these miscellaneous fees. They sent my checks back and refused to take my calls.

            without those violations in law my situation would have been resolved quickly. I got behind when my ex quit paying child support suddenly one month...and I got charged massive over draft fees. My child support and my utility were auto deposit and the withdrawals were auto draft.I did not have credit card debt. I bought a 124,000 house and I made 51,000 a year.

            The greatest gift you can contribute to the goal of world peace is to heal.

            by wavpeac on Thu Feb 26, 2009 at 04:24:34 AM PST

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      •  Okay, but there was Greenspan (1+ / 0-)
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        encouraging the frenzy with his "why wouldn't everyone be taking advantage of these ARMs?" crap. I believe in personal responsibility, but I also believe that in groups, we are sheep, and there were some high up people doing the herding.

    •  It is possible to set the Justice Department (1+ / 0-)
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      ...on all the instances mortgage fraud, that does not depend on Congress or anyone else but Obama and it is very possible.

      The young man who has not wept is a savage, and the old man who will not laugh is a fool. George Santayana

      by Bobjack23 on Wed Feb 25, 2009 at 05:40:28 PM PST

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      •  He would have - and should have - mentioned in (6+ / 0-)

        his speech last night.

        Obama will not be able to solve anything - anything - until he throws Wall Street and the financial markets under the bus.

        And it is a well established legal principle that contracts based in part or in whole on fraud should not and cannot be enforced by government. If Obama does not stand up to Wall Street, he's going to end up screwing us worse than Bush and the Rethuglicans did simply by the damage done to that legal principle.

        A conservative is a scab for the oligarchy.

        by NBBooks on Wed Feb 25, 2009 at 05:49:57 PM PST

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