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<p>I haven't posted for a while, but this one REALLY PISSED ME OFF!!!!</p> <p>I was honestly wondering how Mozillo was gettting away with making press statements talking about the "future dominance" of his company, and then turning around the next day and exercising his stock options (around...

<p>Graphix:</p> <p>I have been looking for it as well... but thus far haven't been able to locate it. I actually went ahead and asked Tanta directly. I find the "insider information" generally to be the most accurate... so I definitely believed her. As soon as I have a response from her, I...

<p>nirvinerealtor:</p> <p>One interesting point that you make is that, in your opinion, the effect of fraud and Subprime loans are really only limited to 2005-2007. Exactly how much exposure and for how long that exposure existed is actually debatable. I tend to agree with IrvineRenter's...

<p>nirvinerealtor:</p> <p>Please do post your opinions on the matter. I would honest be curious to hear your opinions. Since I am actually afraid of the effect the housing meltdown would have on the economy as a whole... any bullish news would be welcome. </p>

<p>Along the lines of government intervention actually doing more harm than good.... here is an excerpt from today's Calculated Risk Blog, referring to the article "<a href="http://www.bizjournals.com/philadelphia/stories/2007/04/09/daily31.html?surround=lfn">N.J. legislator wants freeze on...

<p>Graphix:</p> <p>I am looking for the exact passages in Calculated Risk. Tanta makes several statements about it when answering comments to her posts. This information is coming from her friends that are still active in the industry who are reporting that lawyers are now poring over the...

<p>4) The total amount of mortgage fraud cannot be reported on since it is currently unknown. However, BELIEVE ME, it will be discovered soon enough. The FBI reported 37,000 complaints for mortgage fraud in 2006 and admitted that they couldn't handle the case load. However, these cases will...

<p>I agree with the comments above as well... but I will offer my own summation. </p> <p>1) At this point, the problem is so unbelievably large that no stimulus package can work. The size of this bubble is unprecedented, and the only alternative at this point is to allow it to run its course...

Ah... so I was not wrong about Robert Kiyosaki. Thank you sir.

<p>I was reading through the housing doom blogs (better than television by no small margin) and have come across repeated comments that put Robert Kiyosaki on the same level as David Lereah. This actually confused me. </p> <p>My primariy complaint about Robert Kiyosaki is that he has...

<p>Graphix:</p> <p>Your summary made perfect sense. Thank you. However, I still have one follow up question. When the "C" loans go back, and originators like New Century have to buy them back for the $500K + $30K + Interest Lost, I would assume that New Century would then also get...

<p>To find the link, go to <a href="http://www.lenderimplode.com">www.lenderimplode.com</a> and click on the article for 4/5/7 titled "GMAC unit wants ex-CEO comments stricken". I tried to paste the link directly but couldn't do it.</p> <p>Graphix:</p> <p>Good point on the REO's being...

<p>This will mark the first time I have ever initiated a new thread on this forum, but I must say that what I read pissed me off.....</p> <p>Here is a quote from The Advocate:</p> <p>"All but 100 of Mortgage Lenders' 1,800 employees lost their jobs as a result of the bankruptcy. Many of the...

<p>Strange isn't it? I would venture a guess that NONE of us would rob a bank to get out of that situation.... but participating in this type of fraud IS equivalent to robbing a bank. However, in this case, the banks more or less created the environment where this is done so easily that a 24...

By the way, Mr. Irvine Renter! You posed the question... so you have to answer it.

<p>The more appropriate question would have to be: "If you were facing financial ruin and bankruptcy, would you participate in fraud to bail yourself out IF YOU KNEW THAT YOU WOULD GET AWAY WITH IT". That would reduce it to a pure exercise in ethics. </p> <p>I would realistically have to...

<p>Yep. I now get it. One of the other threads actually showed the link for the IRS whistleblower form to turn these people in, and the rules surrounding it. The main one is that you have to give your name, which they keep confidential... which of course makes sense since the IRS would have...

<p>It would be interesting to find out. Do lending laws that protect home owners under foreclosure for purchase money loans actually also have protections from the IRS. If they do not, then the law is flawed and does not achieve what it was designed to do.... namely prevent bankruptcy for...

<p>I actually went down to the development last Sunday to check things out. When I arrived, all I could see were the signs stuck into the neatly manicured lawn, with no protestors in sight. It would seem that the lure of March Madness on ESPN was much stronger than any fear that they had of...

<p>Thank you Irvine Renter for the confirmation!</p> <p>Follow up question for Illirvine: I agree that lenders cannot go after borrowers for deficiencies on a purchase money only loan, even if it is for 100% financing. Can you confirm that this also means that they cannot 1099 them after the...