ROAD TO RUIN: Mortgage Fraud Scandal Brewing
Sunday, June 20th, 2010 at
11:47 am
Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
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Tagged with: Brewing • Fraud • Mortgage • ROAD • RUIN • Scandal
Filed under: Fraud
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great vid
With 700,000 claimants in the recent Ameriquest MDL class action settlement not many of the claimants are aware that we will only be getting around $30 each in the settlement after lawyers fees and other agreements in the suit. It is not fair! I am hoping the Judge agrees and the suit starts over.
Im glas that Ameriquest will be paying out to many homeowners which they ripped off here soon in the mdl class action settlement. those people are worse than vultures.
It almost happened to me. Buyer beware -kiss my *ss, thaitanium12.
I was relying on the expertise of the lawyers, brokers, realtors, title company, and closing agent.
The ONLY reason I knew something was wrong was because I had accidentally found a few articles about mortgage fraud while looking up something else, or I’d have never known the “little” mistakes, blank areas on paperwork, the lawyers (who were for the BANK, not me as my realtor intimated) wanting power of Attorney were suspect.
The Élite ruling class in America, we have 300 Million Americans but 20% of the Elite rule you know how they are
and 2% at the top( 6 Million of them) ???
Third Fisherman: Master I marvel how the fishes live in the sea.
First Fisherman: Why as men do a-land; the great ones eat up the little ones
Pericles, Prince of Tyre
Vilfredo Pareto, Gaetano Mosca, Robert Michels, Niccolo Machiavelli
Read, NYU Professor The Machiavellians Defenders of Freedom by James Burnham
Excellent video! Thanks for posting this. I have reason to believe it, 100%!
This all STARTED with BIll Clinton signing into law the “Community Reinvestment Act” lowering the lending standards. This was the Gov’t telling the Banks to dangle that carrot and yell at the top of their lungs “We Finance Anyone with NO MONEY DOWN” like a used car dealer. ACORN picketed & obama sued Banks to give risky loans. obama & others received millions for their part in all of this SCHEME and the gov’t continues to blame the lending institutions, but will not accept any responsibility!
You have to laugh don’t you poor people trying to get rich without working relying on the price of their (well the banks) property to increse in value. Ever heard of caveat emptor, buyer beware? On a lighter note I have one tower bridge for sale located in London, quick sale required buyer to remove.
It’s starting all over again with appraisal management companies driviin by lowest fees and fastest turn times. Some of the largest amc’s are now owned by the largest subprime lenders. Look at streetlinks
this video is gud…!!!!
The mentality (el stupido technicality) of kevint864
is 1/2 the reason why the USA is in such shit.
Please search “Mortgage Madness” The series is 6 parts and is extremely detailed of this PLAN called a CRISIS.
There were mortgages underwritten based solely on the verbal disclosure of the borrower. The lender did NOT want to know if the borrower could pay it back or not. Either the house went up in value or the borrower got foreclosed, either way the lender won.
@jxh261
You obviously have not been in the lending business.
Buyers / Borrowers knew what they were doing. Don’t go putting the entire blame on the loan officer.
A borrower only needs a few loan denials to figure out that the next time they apply for a loan, they know what to say, how to say it and what documents to provide or produce.
This video is very well done!
When you apply for a loan you bring your current pay stub and your credit history gets checked. Please explain to me how the buyer can be blamed for taking loans out they couldn’t afford when it’s the loan officer’s job to check and re-check the borrowers ability to pay that loan. There is no way the buyer can fake these documents when the bank can check any records they need before approving loans.
The idiots blaming the borrowers have drank the kool-aid sold to them by Fox news.
credit cards?
what?
who missed what point again?
but they might not know that their credit cards were over the limit because of fraudulent charges – guess you missed that point!
Greed and deception fuels the world and this is what you get! It’s not over yet.
What the stupid Republicans don’t realize is this don’t make them look better. It makes a 3rd party look better.
It makes Americans realize Republicans and Democrats are both the same.
Well down Obama. Keep bailing out the crooks on Wall St.
right; thats exactly whats about to happen to the U.S.
To everybody who took one of these loans who couldn’t afford it i say “FUCKING DUMBASS”
I worked for Ameriquest in 2002. They ARE krooked. Totally.
Capitalism is just having a bad day.
I did a refinance in 2004. An appraisal was done that just seemed extremely generous given the condition of the house. The appraiser walked through the house and commented that he would make this ‘look good’ for the refinance. I was also told that I needed an income statement to complete the loan. When I was told what to put on the income statement, I asked about the validity of lying on the documents. I was told this was how refinances were done for people with credit problems, but I stated that I was not comfortable with that, and the closer commented ‘we’ll take care of it, don’t worry about the statement’. When I showed up at the office to sign the actual documents, the closer started changing things in the paperwork right in front of me. He didn’t have any white out on his desk (he asked a colleague for some), so he started scratching things out on the actual paperwork. The office was buzzing like the floor of Wall street with people on phones and everybody seemed to be rushing about. I then decided it was time to back out of this thing, not even realizing if I could do that at that point or not (was refinancing a property that was passed down to me and had never had to do anything like that before). When I stated ‘nevermind’ and headed for the door, the closer (who was a really young looking guy) signaled an older guy over and the older guy stood between me and the pathway to get to the door I’d came in. OK. So now I’m being body-blocked from leaving, the young guy is telling me it’s just formalities–the changes he made–and the older guy is telling me this is how things are done. After going back and forth for about 20 minutes about the changes and getting the feeling I would have to make a threat to get out the door, I signed some paperwork. I was soooo glad to get out of that office. That’s when the bull really started. Later that week I was informed that I had no insurance on the house, and that was one of the things that the closer told me I’d signed up for and that he would take care of. Then within about one month, they sold my loan. I started getting letters about every 3 to 4 weeks from different mortgage companies–AMC, Novastar, and some others I don’t remember. My loan was sold to about 6 different companies until it landed with my current servicer. My current servicer, after really reviewing the paperwork, basically told me to please refinance so I could get off of their books as soon as possible. I told them that I was not in a position to try to refinance again, also told them what happened with the original loan from Ameriquest, and I’ve had to contact the credit bureaus because some of the lenders have gone defunct but are still showing up on my credit report like I have an open mortgage–which messes up the refinance issue even more. AMERIQUEST DID A LOT OF THINGS THAT SHOULD NOT HAVE BEEN DONE. However, I wish I had done research on getting a mortgage before dealing with them, or at least sitting down with a traditional bank and getting an idea of how it’s really supposed to go. LACK OF KNOWLEGE AND IGNORANCE WILL LEAD TO YOUR DEMISE AND THE PREDATORS WILL ATTACK. REMEMBER THIS.