Why don’t they throw all the mortgage brokers who falsified documents in jail?
Tuesday, September 22nd, 2009 at
4:23 pm
I know of so many mortgage brokers who falsified client documents so they could qualify for homes they without a doubt, couldn’t afford. This is why our economy is tanking and honest, hard working people have to pay the price? Why don’t they throw these mortgage brokers who falsified documents in jail? Or at the very least, penalize them for their fraud?
They made fat commissions, lived the high life and now we have to pay for it?
Tagged with: client documents • commissions • doubt • economy • fraud • mortgage brokers
Filed under: Fraud Information
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your duty as a citizen is to report such criminal behavior to the police and/or district attorney.
in America, no one is supposed to be "thrown in jail" without due process of law, including conviction.
and there’ll be no convictions if witnesses won’t testify — which is where you come in.
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so you get to choose. will you do the right thing for society, or will you be silent and let the thieves go scot free?
I don’t disagree. They committed fraud on a banking institution. They should be made to disgorge all their commissions and spend a few years in prison. Maybe they can cut a deal for less time if they give up all the supervisors and higher-ups who encouraged them to commit fraud.
I expect that somewhere down the road, some of these people will be exposed through whistleblowers and others. I’d like to see every last one of them do hard time, but unfortuantely, the money will probably never be recovered.
Some of them are being prosecuted as we speak and the FBI is involved in some due to RICO or money laundering. A large (used to be large now on the skids) mortgage company and its principals in our area is being prosecuted so hopefully it will spread around the country.
People who were encouraged to buy homes with no money down (the lender, appraiser, seller, etc., falsified selling price so there would be 10-20% for down payment), are coming forth to report the scams.