Comments on: FBI Probing 14 Companies For Loan Fraud

Companies Under Investigation For Possible Fraud In Connection With Subprime Loans

[hk94]

Blame the banks all you want but don''t forget that 70% of the early foreclosures last year had fraudulent information on the applications from the home buyers. They lied to buy the house and now complain and trash the house when they are foreclosed. I don''t really have sysmpathy for those people. The rest of us end up paying for that.

I also have a number of neighbors who refuse to pay their association dues claiming they can''t afford it. Yet I see them buy new cars and trucks and other expensive items. I and the others end up paying higher due because of these bums. People have too much of a sense of entitlement and think people owe them. All theyh do is screw the rest of us who are hard working and responsible with our wages.

It''s not just the bad companies, there are way too many bad people who took advantage of banks and others too.

[tylenol6]

Not only companies should be in serious trouble, but what about the idiot Greespan lowering interest rates
to 1%?????? THIS MORON KNEW EXACTLY WHAT HE WAS DOING
WHEN HE LOWERED INTEREST RATES THIS LOW.GREENSPAN SHOULD
GO TO JAIL!!!!!!!!!!

[apprxam]

Much-ado-about-nothing. Maybe Ken Starr would do a better job. Or the house of Saud.

[awoloilman]

Commence OPERATION WRISTSLAP.

[gce65]

Probe away! Use your best FBI proctologists. Nothing will change. This is the way big banks and Wall Street function; they rip people off on a regular basis. Somebody who makes $100 million a year will be forced to retire (with a golden parachute package) and be fined a few hundred thousand bucks, the company will pay a fine and admit no wrongdoing, and next month or next year it will be a whole new cycle all over again.

[mcv57]

The witch hunt is on. Now I know why the pilgrims burned women and witches - it was a distraction to keep the mop from hanging the officials who where to blame for starvation.

[slim1h2o]

Power also said law enforcement officials are looking at whether homebuilders manipulated financial statements to inflate revenues.

Well,,of course they did. And to maxiumize their take, the home builders hired illegals as well.

This whole country is unraveling, because of the illegals. I called it 1 year ago! That this would happen.

[slim1h2o]

Posted by GeorgiaGrl1 at 09:34 PM : Jan 29, 2008

And to take your thinking to another level,,, when I was 18, in the late 70''s,, I couldn''t even get a credit card, because I did''t make enough money.

So what happened between then and now?

[georgiagrl1]

When I bought my first house in the mid 1980''''s, the income requirements were tough.
Over the last couple of years as I drove around, looking at the McMansions, I wondered where all these people that lived there got their money. Now I understand most really couldn''''t afford their homes.


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Posted by HSinCO at 09:14 PM : Jan 29, 2008

You qualified for your loan the honest and proper way. You should feel proud of that fact. We have the same issue in my community. Inflated prices on homes, but no jobs in the community pay the kind of money required to afford those homes. Yet, mysteriously, seemingly average people are geting into these homes on $12/hr jobs. Hum???

[runningralph]

The whole real estate business is built on pumping up the price by real estate agents and developers. In Arizona they''re building a huge water park for this purpose. The bubble has to pop. The cycle will start again when the suckers start biting. Don''t buy yet. If you must buy, shop around a lot, squeeze them hard. I know a couple of bankers personally who screwed their own relatives and never looked back. Don''t be shy about walking out on a deal at the last second if something''s not right. This whole subprime crisis would have never happened if consumers played tough. Find out where your lender lives.

[slim1h2o]

They need to be checking Countrywide too,,,,they''re slime as well!

[hsinco-2009]

When I bought my first house in the mid 1980''s, the income requirements were tough.
Over the last couple of years as I drove around, looking at the McMansions, I wondered where all these people that lived there got their money. Now I understand most really couldn''t afford their homes.

[hsinco-2009]

we had 8 years of a balanced budget and relative peace with bill clinton. i voted for bush. but, give me back the democrats! please

Posted by tonic1661 at 07:54 PM : Jan 29, 2008

I hope you remember this post and vote Democratic in November. Welcome!!

[fishinfool43]

Wow!!! this sounds remarkably like the S&L scandal of the early 90''s. Gee, maybe history really does repeat itself LOL

[jonesforch]

As the nation''s housing crisis worsens, there has been a dramatic spike in the number of mortgage fraud cases under investigation. An agency spokesman said 1,210 such cases are open, up from roughly 800 a year ago.

ME...I would never of bought a house or anything for that matter I could not afford.

[rowdytexan2]

Surprise! Surprise! Surprise!

[ioweign]

Anyone know where Neil Bush is ??

[tonic1661]

we had 8 years of a balanced budget and relative peace with bill clinton. i voted for bush. but, give me back the democrats! please

[cbsblogger]

Standard operating procedure (SOP) in this country is for the rich and politically connected to receive a slap on the wrist for malfeasance and wrongdoing even when billions are involved.. In other words there is no accountability unless you are a nobody who forgot to pay their parking ticket or are caught smoking pot. Then you will go to jail.

I agree with previous poster McCain was a big player with Keating in the S&L crisis yet he was able to get off by saying %u201CI''m sorry%u201D. Then he skated free as an official of the government.

These rich banking financiers should be locked up for decades based upon what they cost society.