If the market had not collapsed they would have been called brilliant. When things go south it is called "Fraud" 
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- Thread starter Kurt
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If the market had not collapsed they would have been called brilliant. When things go south it is called "Fraud"
Brilliant? :roll:
Like the way the man who liberates you of your wallet is a "brilliant" opportunist, unless he gets caught, then he's a thief?
Kinda correct. Did anyone get taken on a pre-sale? Or was it just the bank?
TooFarTampa
SoWal Insider
If this thread isn't a microcosm of what's been happening with coastal real estate in the past couple years, I don't know what is. I just read the whole thing.
If this thread isn't a microcosm of what's been happening with coastal real estate in the past couple years, I don't know what is. I just read the whole thing.
This is news to me.
TooFarTampa
SoWal Insider
I'm speaking in the general sense. We have had our share of overconfidence and mortgage fraud and condo project implosions here in Tampa. Lots of projects that were timed just terribly, and we've had a significant amount of fraud cases. And the Tampa area still is a reasonably stable market (for now). The price declines haven't been too bad but inventory is high. It is much worse in other markets.
I should clarify that I don't believe the Aquatera story (whatever it truly is) is a common one. But c'mon -- the swing from outrageous optimism to guarded concern to bust is playing out all over the place.
Slimy business practices are slimy business practices, and fraud is fraud. period. It doesn't mater if individuals were hurt, or if it was "just" the banks. It doesn't matter if people made money off of it, or lost money on it.
I have zero tolerance or sympathy for the people that perpetuated the "frauds" in this real estate bubble, or for that matter, for the ones that simply looked the other way and allowed it to go on in order to profit from it.
What goes around comes around ... and boy oh boy is it coming around.
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You are correct. I use to work for AmSouth in Birmingham as a lender. I saw a many go to jail for BANK FRAUD!
How's it end?