Dear mortgage loan and MBS underwriters...

graphrix_IHB

graphrix_IHB

New member
One of the reasons why we are in this situation today is due to your incompetence. No, I am not blaming you, and yes, there are many other players involved in why we are seeing the debacle unfold. But... today I saw some of your incompetence truly shine. One of the things you could have done was have the common sense and skills to red flag fake names to prevent some of the fraud that went on. I'm not talking about fake names like John Smith, I'm talking about the one where the loan officer was literally mocking you with the crap they came up with. When the borrower has a name of Summers Breeze, and they default four years later it doesn't surprise me that they did. Is it any wonder why IndyCrap went down, when they buy a loan from someone who watches too much of "The OC"?



Now... my favorite so far is Peter Purple... why would you not red flag this? Um... especially when his full name is Peter <strong>DEEP</strong> Purple? WTF? Is it any wonder why this person is in default a little over a year later, and any wonder that WAMU went went down when they underwrote this loan? A little due diligence would have prevented TPG from losing billions on their WAMU investment had they actually done some.



This isn't a joke, these are names of the actual people that own these homes, and just so happen to be scheduled for the foreclosure auction. Ask Cayci, I had to physically show her Peter Deep Purple exists on the county records site for her to believe that this was a real name used by some fraudsters.



BTW, the fraudsters are no where near being done with being part of the foreclosure problem. In fact, I think it is starting to get worse.
 
[quote author="caycifish" date=1251467935]Graph says that being on Classmates.com is part of the fraud.



Of course I googled it.</blockquote>
Now I'm gonna start checking my MLS property database for names just as Long Duck Dong, Rock Balboa, Seymour Butts, Farris Buhler, etc.
 
[quote author="graphrix" date=1251467224]One of the reasons why we are in this situation today is due to your incompetence. No, I am not blaming you, and yes, there are many other players involved in why we are seeing the debacle unfold. But... today I saw some of your incompetence truly shine. One of the things you could have done was have the common sense and skills to red flag fake names to prevent some of the fraud that went on. I'm not talking about fake names like John Smith, I'm talking about the one where the loan officer was literally mocking you with the crap they came up with. When the borrower has a name of Summers Breeze, and they default four years later it doesn't surprise me that they did. Is it any wonder why IndyCrap went down, when they buy a loan from someone who watches too much of "The OC"?



Now... my favorite so far is Peter Purple... why would you not red flag this? Um... especially when his full name is Peter <strong>DEEP</strong> Purple? WTF? Is it any wonder why this person is in default a little over a year later, and any wonder that WAMU went went down when they underwrote this loan? A little due diligence would have prevented TPG from losing billions on their WAMU investment had they actually done some.



This isn't a joke, these are names of the actual people that own these homes, and just so happen to be scheduled for the foreclosure auction. Ask Cayci, I had to physically show her Peter Deep Purple exists on the county records site for her to believe that this was a real name used by some fraudsters.



BTW, the fraudsters are no where near being done with being part of the foreclosure problem. In fact, I think it is starting to get worse.</blockquote>


Slow it down there...



I've met Peter "Deep Purple." He's a Russian immigrant who changed his name when he came (defected?) to the U.S. He is a bona fide Rockaholic, as well (obviously).



He's real, and a really interesting character. When showing his home that was for sale, he gave me a lecture about economics and the U.S. Federal Banking system. At the time, I thought maybe I'd met the real "awgee".



-IR2
 
[quote author="IrvineRealtor" date=1251470410]Slow it down there...



I've met Peter "Deep Purple." He's a Russian immigrant who changed his name when he came (defected?) to the U.S. He is a bona fide Rockaholic, as well (obviously).



He's real, and a really interesting character. When showing his home that was for sale, he gave me a lecture about economics and the U.S. Federal Banking system. At the time, I thought maybe I'd met the real "awgee".



-IR2</blockquote>


Please tell me you are not serious... and even if you are, I can find plenty more examples like these. And... next time you talk to Peter Purple, can you ask him why if he is so into econ and the Fed that he would buy a house, extract nearly a million bucks from it, then have a NOD filed a little over a year later, and then try to short sale his house for $300k less than what he owes. All so us, and he, as a taxpayers can be the ones who burden the cost of his disdain of our economy and Fed. This right there would have been proof that he was certainly not awgee. Even if awgee would love to screw the Fed, he wouldn't screw the American taxpayers like that. At least IMO, I don't think so.
 
Every time I hear about the "sub prime" problem I rolll my eyes. This has never been a sub-prime probem. Its a piece, but not a significant one.



We got to where we are today by shiatty Realtors (first), their co-conspirator lenders (second), and the minion of accomplices - appraisers and escrow companies that greased the moral slippery slide that both the foolhardy and foul homedebtors amoung us more than gladly jumped on. The banksters simply came to the bon fire in progress and dumped the kerosene of Stated/Stated/OptionARM/100% financing on for good measure. Cheap money + no real regulations + years of moral confusion built into the populations psyche = the morass we swim in today.



My .02c



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