It’s so amazing how the government takes such pride in convicting the small fry crooks of the mortgage and real estate meltdown, yet few to none of the big players suffered at all.
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Angelo Mozillo
Having been a victim, as an owner of an Mortgage company, That reported the fraud,( being commited by a loan officer and real estate company,) notified all the regulators and had to call the FBI fraud hotline 12 times to get them to investigate. I agree your post today. Allthough the guys commiting the fraud got minimal time some no jail time and some 30 days. I got blessed by a civil lawsuit from HUD for the balance of the losses and was held personally liabile through my company. Why did Mozilo and the other guys not have to face these suits personally. Because they were not the small fry.
HUD talking out of both sides of their mouth again: If these Ex-criminals have Criminal Restitution Judgements, they cannot obtain a home until they get paid off. That will happen in say ….. NEVER. Let me see; we release an Ex-Con into society with let's say they have $10,000 in CR judgments, that will accrue interest yearly, and the Ex-Con likely cannot obtain a decent paying job, and they simply won't have enough funds to pay the CR judgment for a very long time. And in the meantime, they also cannot vote, own a gun, or obtain full custodial rights. But HUD has an idea to not discriminate against them? So that means HUD would need to change the prison system, the enforcement system, and Title Law.
On a PBS special many years ago, I remember the (now former) guy in charge of DoJ said something to the extent "It is very difficult to prove intent on these mortgage fraud cases". I remember wondering how it seems easy enough to prove intent on little guys, but not on the big guys who moved the market with fraud, and battered millions of financial lives.
Actually… in Bernies home state of Vermont, which he governed, you can be a felon and vote even while incarcerated. Just saying.
good stuff…..lol. Doesn't surprise me in the blue states. As you know Michael, that can't happen in this State where we reside.
I recently spoke to our local DA office. The person told me that these people will go do something illegal again especially if they have done things over a longer period of time. If they were evicted, they can be denied on an application. Usually they have been evicted by the landlord.
Let’s see….in my neighborhood in Carmichael Cali in 2007 the median home price in our subdivision was around $600-650K. Vera Kuzmenka purchased a home two doors away from me with a straw buyer for $850K and relisted and sold the same home 6 months later to another straw buyer for $990K. Both transactions were no money down NINJA loans. The property was listed by two different big name real estate companys during both sales. The chain gang of willfull ignorance with every party involved was appalling. Everyone acted like Sergeant Shultz in Hogan’s Heroes, “I know nothing.”
Steal a little and they throw you in jail. Steal a lot and they make you king.
He's laying on a beach somewhere – getting more and more orange every day. No prison pallor for Angelo….no sir!
I wouldnt want to rent to convicts or repeat offenders. I dont want my property damaged or confiscated in some way by the police etc. Convicts shouldnt be included as a protected class.
Clinton is a candidate for jail for repeal of Glass Steagall and all of the top staff at the rating agencies for misrepresenting MBS values?
HUD is amazingly contradictory, a big surprise