Tuesday, December 01, 2009

WTF?

"You buy this house and you will be rich."
Posted by at 5:10 AM
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7 comments:

  1. AnonymousDecember 01, 2009 9:26 AM

    I also love that it took 14 months from buying to eviction even though she only paid a single mortgage payment. Rockville is full of these types too...MoCo is in some serious trouble.

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  2. zDecember 01, 2009 10:12 AM

    We are supposed to feel sorry for this criminal that stole hundreds of thousands of dollars from a bank by saying she earned $165k/yr when in fact she never earned more than $15k? Both the buyer and seller should be prosecuted for fraud.

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  3. Mark FDecember 01, 2009 11:43 AM

    z said...
    We are supposed to feel sorry for this criminal that stole hundreds of thousands of dollars from a bank by saying she earned $165k/yr when in fact she never earned more than $15k?

    If you're going to hand someone "hundreds of thousands of dollars," you don't have any responsibility to verify the borrower's claims? If they say "I'm Donald Trump," you'll just say "ok, here's the money?" Then whine about how the evil borrower stole from you?

    Come on. It's so tiring to keep hearing how everyone else is more responsible for protecting your money than you are.

    I'm not defending the borrower. Just saying that it takes two to tango. It's easy for investors to complain years later, when the lure of high interest returns made it "easy" for them to overlook risk.

    ReplyDelete
  4. AnonymousDecember 01, 2009 12:41 PM

    Suggest re-title to $698,000 Felony. The Obama Administration is soo kind, they will look the other way and offer her the ability to rent back the unit for the 700 per month that she can pay.

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  5. zDecember 01, 2009 2:52 PM

    The article isn't asking you to feel sorry for the bank that lost money. Also, the bank didn't do anything illegal, just stupid and reckless. What the buyer did was both stupid AND illegal.

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  6. AnonymousDecember 02, 2009 3:00 AM

    I did the simple math.

    1. "White ended up leaving the closing table with nearly $40,000"

    2. Ms White paid mortgate for only 7.x months. That is roughly 40k.

    3. She moved in at the end of 2006 and moved out 2 years later.

    So she lived free, for 3 yeas, in a house or motel room, shelter and now an apartment, for 100% free.

    So what she can complain?

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  7. Rob RoyDecember 05, 2009 9:25 PM

    The seller giving money with the goal to make the savings account balance look larger than it was - is in fact fraud. Doesn't take a genius to realize why the seller was able to give away that kind of cash at signing and offer to help on a few months - they were over-pricing the unit and didnt care once they got their money. That partt might not be illegal but very shady indeed.

    Takes two - or three - or more - the buyer, the seller, the Clinton and Bush adminstrations boosting Fannie and Freddie, the Fed, the bank, etc.

    ReplyDelete

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