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Mortgage Scam

Discussion in 'Financial Cents' started by Dunbar, Feb 26, 2011.

  1. Dunbar

    Dunbar Monkey++

  2. UGRev

    UGRev Get on with it!

  3. TnAndy

    TnAndy Senior Member Founding Member

    How about a synopsis for those folks with slow connections that don't want to spend 1/2hr downloading it, huh ?
  4. UGRev

    UGRev Get on with it!

    FDIC sells assets of freddie/fannie to suntrust, owned by a Goldman sachs crook for, lets say 50% of the original purchase price. Then the FDIC covers 80% of the ORIGINAL cost of the asset.
    Numbers: $100,000

    Suntrust pays 50k,
    FDIC covers 80% of that 100,000= 80,000
    Suntrust makes 30k.

    So Suntrust has been paid to, essentially, take the assets. They didn't purchase them in the traditional sense.. they were paid to take them.
  5. Dunbar

    Dunbar Monkey++

    Thanks UG, I was never good with synopiseseses.
  6. Equilibrium

    Equilibrium Monkey++

    [FONT=&quot]My take on this is…. they milked us for personal gain… legally. Clinton had this “dream” that all folk living in the US regardless of financial means or legal status…. should enjoy home ownership sooooo…. he created a few laws with his buddy Frank and now “We” the taxpayers (what’s left of us)… get to continue “chipping in” because the free market’s been trashed and there’s no way to prevent the likes of Goldman Sachs/Soros et al from mopping up. IndyMac won’t be the last offered up by the Feds for open bid…. it’s become quite lucrative.[/FONT]
  7. Falcon15

    Falcon15 Falco Peregrinus

    My take on this is: Clinton LET them rape us, by passing deregulation of insurance companies. It was their money flooding the housing market that created the bubble...there was a SOLID reason why the industry had been so heavily regulated!
  8. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Some people should have only qualified to buy an outhouse
  9. johnnystrauss77

    johnnystrauss77 Monkey+

    My aunt is looking for a place in Tennessee, she is doing this job for community and looking for a mortgage place for living not very expensive but clean and safety are in priority. Can you guys give me tips on like if she is going to hire an agent or relater than what things should keep in mind to rid of high commission?

  10. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    Johnny, I've taken the liberty of removing the link to your real estate office. (Pretty cheeky to advertise your own outfit in a first post without admin approval.) It's passing strange to me that you are asking about real estate matters when you are an agent.
  11. Mechwolf

    Mechwolf Monkey+

    Well how about this scenario... which really did happen to me. I bought a home 5 years ago. For three years I made all my payments and was not late even once. I suddenly had a medical emergency that affected not only me but also my daughter. Anyways i'm starting to ramble. The bank foreclosed which I was prepared for (ended up working out for me in the long run) the bank that held the note purchased the house in the sheriff's auction for 30K less than what I paid for it. So my thinking is how can a bank who legally forecloses on a house(i.e owns it) buy it from themselves for 30k less? Am I the only one who thinks this is fishy?
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