Here they go again ... the real - Mercedes-Benz Forum

 
LinkBack Thread Tools Display Modes
post #1 of 4 (permalink) Old 12-04-2008, 11:28 PM Thread Starter
BenzWorld Elite
 
Date registered: Mar 2006
Vehicle: 1999 ML320
Location: Ratville
Posts: 24,029
Mentioned: 1 Post(s)
Quoted: 310 Post(s)
(Thread Starter)
Here they go again ... the real

estate industry and again the feds are going to tolerate it for the sake of the general economy.

Quote:
Mortgage fraud, late payments rising
Mortgage fraud incident reports had increased 42 percent in this year's first quarter, compared with the first quarter of 2007.

Nationally, more than 65 percent of fraud incidents in the first two quarters were categorized as general application misrepresentation of the buyer's true name or assets. Among the other more common mortgage fraud cases were misrepresentation of income, appraisals, employment history, and debt and assets.
mlfun is offline  
Sponsored Links
Advertisement
 
post #2 of 4 (permalink) Old 12-04-2008, 11:38 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by mlfun View Post
estate industry and again the feds are going to tolerate it for the sake of the general economy.
Quote:
Mortgage fraud, late payments rising
Mortgage fraud incident reports had increased 42 percent in this year's first quarter, compared with the first quarter of 2007.

Nationally, more than 65 percent of fraud incidents in the first two quarters were categorized as general application misrepresentation of the buyer's true name or assets. Among the other more common mortgage fraud cases were misrepresentation of income, appraisals, employment history, and debt and assets
While I understand the misrepresentation side of this equation, equal responsibility should be shared by the lender who failed to do simple verification.

When you apply for a mortgage you sign a form that allows the lending institution to access your tax returns, you provide employment verification or tax documents for proof of employment, employment history can be gleaned by both credit bureau and direct contact/written request.

The appraisal is the COMPLETE responsibility of the lending institution as it complete credit verification and asset/title checks.

This article also expresses the OUTRAGE of Trans Union. Well, they are the collector of the data. Are their datasets flawed? Are their clients utilizing them? Seems like they are very interested in quickly blaming the borrower instead of saying that the lenders FAILED to check YET AGAIN.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
post #3 of 4 (permalink) Old 12-05-2008, 05:45 AM
Forum Administrator RC Colas® & Moon Pies®
 
Digmenow's Avatar
 
Date registered: Oct 2006
Vehicle: 1981 380SL 151K: 2001 E320 4Matic Estate 147K: 2008 E350 Sport 4Matic 120K: 2005 S500 116K
Location: The Land of Pleasant Living
Posts: 36,506
Mentioned: 13 Post(s)
Quoted: 1273 Post(s)
Lifetime Premium Member
Garage
Did you read the comments? This one was an interesting point but it's hard to imagine that there are that many people who had the same idea at the same time.

Quote:
Originally Posted by escapedfromcity
12/4/2008 3:40:59 PM
Did you ever stop to think that people are preparing themselves to qualify for the upcoming handouts from Obama? As he keeps insisting that we need to rescue the homeowner, and homeowners are watching legislative efforts that clearly indicate a requirement to be 2 or 3 months behind, if follows that people are putting themselves in this situation in order to qualify for a reduction in their principal balance. Again the taxpayers (the honest ones) are going to foot the bill for the less motivated. Can you say "Socialism?"

Quis custodiet ipsos custodes?

Digmenow is offline  
post #4 of 4 (permalink) Old 12-05-2008, 12:24 PM
BenzWorld Elite
 
mcbear's Avatar
 
Date registered: Apr 2004
Vehicle: E500Es
Location: The BlueGrass State
Posts: 29,579
Mentioned: 0 Post(s)
Quoted: 3 Post(s)
Quote:
Originally Posted by Digmenow View Post
Did you read the comments? This one was an interesting point but it's hard to imagine that there are that many people who had the same idea at the same time.
I don't think that the folks that are intending to game the system are thinking their cunning plan through.

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
mcbear is offline  
Sponsored Links
Advertisement
 
Reply

  Mercedes-Benz Forum > General Mercedes-Benz Forums > Off-Topic

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Mercedes-Benz Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in











  • Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
     
    Thread Tools
    Show Printable Version Show Printable Version
    Email this Page Email this Page
    Display Modes
    Linear Mode Linear Mode



    Similar Threads
    Topic Author Forum Replies Last Post
    $99 deposit program - real, or not real? srfox smart 5 07-27-2008 06:37 PM
    5 Star Shine real or real BS? D.Money Detailing and Car Care 9 08-22-2007 11:00 AM
    real plugnplay HID XENONS, no capacitor modding or ecu chage, real hids that work on gstatus929 W211 E-Class 0 08-04-2007 02:48 PM
    Is this real? A&L's300SL W126 S,SE,SEC,SEL,SD,SDL Class 24 04-05-2007 07:03 PM
    Is this for real?? coldtaco G-Class 8 04-14-2004 05:26 PM

    Posting Rules  
    You may post new threads
    You may post replies
    You may not post attachments
    You may not edit your posts

    BB code is On
    Smilies are On
    [IMG] code is On
    HTML code is Off
    Trackbacks are On
    Pingbacks are On
    Refbacks are On

     

    Title goes here

    close
    video goes here
    description goes here. Read Full Story
    For the best viewing experience please update your browser to Google Chrome