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30ashopper

SoWal Insider
Apr 30, 2008
6,845
3,471
58
Right here!
I'm kind of an optimist on the economy overall, but this had me freaking out a little.

http://finance.yahoo.com/tech-ticker/article/32320/Radical-Cure-for-Housing-'Cancer'-Nationalize-Fannie-Freddie?tickers=FNM,FRE,WFC,WB,BAC,WM

http://finance.yahoo.com/tech-ticker/article/37078/Were-All-Homeowners:-Nationalization-of-Fannie,-Freddie-Unavoidable

"The nationalization of Fannie and Freddie and would put U.S. taxpayers on the hook for the socialization of the housing market, but Depew says we're already there whether we know it or not."

5.2 trillion and 3 trillion (yes those are 'T''s) in mortgage loans and debt. We're all homeowners now!
 

scooterbug44

SoWal Expert
May 8, 2007
16,706
3,339
Sowal
IMO, most people didn't get scammed, people were fiscally irresponsible and I don't want to pay for their idiocy and expenditures yet again!

Challenge: I want to hear a REAL hard luck story where despite working hard, being fiscally responsible, and going without luxuries people are losing their homes. Let me know how hardhearted and unrealistic I am being, because I bet for every sob story there was a way to avoid it or a friend/relative of mine who managed to deal w/ that situation.

Seriously, I've yet to hear one I actually have sympathy for that didn't involve sudden death or massive medical bills.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,763
803
IMO, most people didn't get scammed, people were fiscally irresponsible and I don't want to pay for their idiocy and expenditures yet again!

Challenge: I want to hear a REAL hard luck story where despite working hard, being fiscally responsible, and going without luxuries people are losing their homes. Let me know how hardhearted and unrealistic I am being, because I bet for every sob story there was a way to avoid it or a friend/relative of mine who managed to deal w/ that situation.

Seriously, I've yet to hear one I actually have sympathy for that didn't involve sudden death or massive medical bills.

Christian Lambright has been indicted for defrauding an 81 year old Columbus, Ohio, resident. Lambright?s indictment by the Franklin County Grand Jury on felony counts of Theft, Securing Writings by Deception, and Money Laundering follows a three week investigation by the Ohio Organized Crime Investigations Commission mortgage fraud task force. Attorney General Dann, who heads the Commission, said Lambright faces enhanced penalties on the felony charges because the victim of the alleged crimes is a senior citizen. The Franklin County Prosecutor?s Office will prosecute the case.

According to Mr. Dann, Lambright was associated with two mortgage broker agencies: Randall Mortgage, 555 Metro Place in Dublin, Ohio, and Hartford Financial, 645 Metro Place South, Suite 100, Dublin, Ohio. Randall Mortgage went out of business in May 2007. Hartford Financial was opened by several employees from Randall Mortgage after its closing. The victim in this case and her family had discussed refinancing her home with Lambright, who said he was a loan officer for a local mortgage broker. Instead of preparing refinancing paperwork, it is alleged that Lambright concocted a scheme to have the property transferred into the name of his own mother. It is also alleged that Lambright stole money from the closing proceeds. Investigators say Lambright picked the victim up at her home in late June without her family?s knowledge. Authorities say he then took the woman, who had recently been released from the hospital, was on medication, and could not walk without a walker, to a local fast-food restaurant where he arranged for the paperwork to be signed.

The victim?s family contacted the Consumer Protection Section of the Ohio Attorney General?s Office when they learned of the fraud and were then referred
them to the Economic Crime Unit of the Columbus Division of Police. Authorities report that Christian Lambright previously had a real estate license and a mortgage broker loan officer license; however, he was not licensed to conduct real estate or mortgage loan business at the time of this offense.
 

scooterbug44

SoWal Expert
May 8, 2007
16,706
3,339
Sowal
And he has been indicted and charged and has his spot in hell all reserved! :clap:

I don't think this is representative of the foreclosure crisis though.

More stories please! :popcorn:
 

SHELLY

SoWal Insider
Jun 13, 2005
5,763
803
I'm kind of an optimist on the economy overall, but this had me freaking out a little.

http://finance.yahoo.com/tech-ticker/article/32320/Radical-Cure-for-Housing-'Cancer'-Nationalize-Fannie-Freddie?tickers=FNM,FRE,WFC,WB,BAC,WM

http://finance.yahoo.com/tech-ticker/article/37078/Were-All-Homeowners:-Nationalization-of-Fannie,-Freddie-Unavoidable

"The nationalization of Fannie and Freddie and would put U.S. taxpayers on the hook for the socialization of the housing market, but Depew says we're already there whether we know it or not."

5.2 trillion and 3 trillion (yes those are 'T''s) in mortgage loans and debt. We're all homeowners now!

It's a sure bet that every American taxpayer is going to be touched by the fallout of Fannie & Freddie and the Fed (who, as we speak, is swapping freshly minted greenbacks in return for promises of repayment backed by toxic waste MBS).

.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,763
803
And he has been indicted and charged and has his spot in hell all reserved! :clap:

I don't think this is representative of the foreclosure crisis though.

More stories please! :popcorn:

BRADENTON — An 85-year-old widow living alone here was bilked out of hundreds of thousands of dollars in a home improvement scheme that has forced her to put her home up for sale, authorities say.

The Bradenton victim, Shirlee Sassani, whose husband died more than a decade ago, first met Fretwell when she answered her front door at her home near the Bradenton Country Club off 51st Street West.

Fretwell, detectives said, told Sassani he was in the neighborhood and it looked like she could use a new roof.

Authorities said Fretwell was representing Arbor Building Corp. State business records show Fretwell is the vice president of the Palmetto-based company.

Fretwell reportedly put on a new roof. Sassani said she felt intimidated and agreed to additional repairs to the home, authorities said.

Sassani suffers from several medical ailments and has a diminished mental capacity because of her age, according to sheriff's reports.

Sassani paid Fretwell in "convenience checks" drawn from credit card accounts. New mortgages were obtained to pay off existing balances on the four cards. Sassani then resumed putting charges on the cards.

Authorities say a mortgage broker inflated Sassani's monthly income to help secure at least two mortgages.

Sassani, who is on a fixed income, bought her home with her husband in 1976. By 2001, the mortgage had been reduced to about $39,000, according to detectives.

Now the mortgage is up around $300,000, authorities say. Detectives said the mortgage broker -- whose name was not released Thursday -- helped refinance the home nine times between 2001 and 2006.
 
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ckhagen

Beach Fanatic
Aug 28, 2006
541
53
We're not in trouble with our mortgage, but we could have been... we got an FHA when we bought the house (somewhat newly married) and the representative told us that an ARM was the best way to go. I personally think they took advantage of our inexperience, but thankfully we saw the impending disaster before it got out of hand and refinanced into a 30yr fixed. If we hadn't, we would most definitely be on the street at this point. I find it a little disturbing that they pushed the ARM on us and constantly stated the pros, while neglecting to explain more traditional routes.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,763
803
I find it a little disturbing that they pushed the ARM on us and constantly stated the pros, while neglecting to explain more traditional routes.

"The more traditonal routes" didn't bump up their commission as much as the ARMs (with an extra dollop of YSP for pre-pay penalties)....that's why. Glad to hear you banged out before it was too late--hope you took your business elsewhere and didn't pay the sleeze (a second time) for your refi.

The good news is when all the dust of this crash settles...all homebuyers going forward should be educated to the point of being able to write their own mortgages.


.
 
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