ROAD TO RUIN: Mortgage Fraud Scandal Brewing
November 30th, 2009 | by admin |
Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
Duration : 0:6:53
26 Responses to “ROAD TO RUIN: Mortgage Fraud Scandal Brewing”
By suzukispecialists on Nov 30, 2009 | Reply
This all STARTED …
This all STARTED with BIll Clinton signing into law the “Community Reinvestment Act” lowering the lending standards. This was the Gov’t telling the Banks to dangle that carrot and yell at the top of their lungs “We Finance Anyone with NO MONEY DOWN” like a used car dealer. ACORN picketed & obama sued Banks to give risky loans. obama & others received millions for their part in all of this SCHEME and the gov’t continues to blame the lending institutions, but will not accept any responsibility!
By thaitanium12 on Nov 30, 2009 | Reply
You have to laugh …
You have to laugh don’t you poor people trying to get rich without working relying on the price of their (well the banks) property to increse in value. Ever heard of caveat emptor, buyer beware? On a lighter note I have one tower bridge for sale located in London, quick sale required buyer to remove.
By Gizmosra on Nov 30, 2009 | Reply
It’s starting all …
It’s starting all over again with appraisal management companies driviin by lowest fees and fastest turn times. Some of the largest amc’s are now owned by the largest subprime lenders. Look at streetlinks
By kanika618 on Nov 30, 2009 | Reply
this video is gud.. …
this video is gud…!!!!
By Anothercoilgun on Nov 30, 2009 | Reply
The mentality (el …
The mentality (el stupido technicality) of kevint864
is 1/2 the reason why the USA is in such shit.
By Anothercoilgun on Nov 30, 2009 | Reply
Please search ” …
Please search “Mortgage Madness” The series is 6 parts and is extremely detailed of this PLAN called a CRISIS.
By walgar2 on Nov 30, 2009 | Reply
There were …
There were mortgages underwritten based solely on the verbal disclosure of the borrower. The lender did NOT want to know if the borrower could pay it back or not. Either the house went up in value or the borrower got foreclosed, either way the lender won.
By kevint864 on Nov 30, 2009 | Reply
@jxh261
You …
@jxh261
You obviously have not been in the lending business.
Buyers / Borrowers knew what they were doing. Don’t go putting the entire blame on the loan officer.
A borrower only needs a few loan denials to figure out that the next time they apply for a loan, they know what to say, how to say it and what documents to provide or produce.
By judywrite on Nov 30, 2009 | Reply
This video is very …
This video is very well done!
By jxh261 on Nov 30, 2009 | Reply
When you apply for …
When you apply for a loan you bring your current pay stub and your credit history gets checked. Please explain to me how the buyer can be blamed for taking loans out they couldn’t afford when it’s the loan officer’s job to check and re-check the borrowers ability to pay that loan. There is no way the buyer can fake these documents when the bank can check any records they need before approving loans.
The idiots blaming the borrowers have drank the kool-aid sold to them by Fox news.
By rjanis123 on Nov 30, 2009 | Reply
credit cards?
what? …
credit cards?
what?
who missed what point again?
By freddytuber on Nov 30, 2009 | Reply
but they might not …
but they might not know that their credit cards were over the limit because of fraudulent charges – guess you missed that point!
By connielane on Nov 30, 2009 | Reply
Greed and deception …
Greed and deception fuels the world and this is what you get! It’s not over yet.
By WashMitt on Nov 30, 2009 | Reply
What the stupid …
What the stupid Republicans don’t realize is this don’t make them look better. It makes a 3rd party look better.
It makes Americans realize Republicans and Democrats are both the same.
By stewart0312 on Nov 30, 2009 | Reply
Well down Obama. …
Well down Obama. Keep bailing out the crooks on Wall St.
By monetarydemise on Nov 30, 2009 | Reply
right; thats …
right; thats exactly whats about to happen to the U.S.
By monetarydemise on Nov 30, 2009 | Reply
To everybody who …
To everybody who took one of these loans who couldn’t afford it i say “FUCKING DUMBASS”
By marcomariaz26 on Nov 30, 2009 | Reply
I worked for …
I worked for Ameriquest in 2002. They ARE krooked. Totally.
By SimplyPolitical on Nov 30, 2009 | Reply
Capitalism is just …
Capitalism is just having a bad day.
By flanker4psychos on Nov 30, 2009 | Reply
to this video i say …
to this video i say. ‘NO SHERLOCK!!!!’
By Beingreal40 on Nov 30, 2009 | Reply
Full confession. …
Full confession. Homeowners brought taxes and bank statements to proffesionals to guide them. Too much to learn and consider when your new to buying while being pushed to close a 45 day escrow buy a wicked realestate agent.. Last thing on your mind is to be part of a scam.
90+% never had intentions of buying more than they could afford. They were told they could.
By REOGURU on Nov 30, 2009 | Reply
Let’s not get all …
Let’s not get all teary eyed here. Half of all these loans were “cash out” refinances. In other words, people took out loans to pay off their bills, take vacations, do whatever, and now that the piggy bank has run dry, they’re leaving their homes to the bank. Take a look at this older video that explains it all: watch?v=pmeBSWI9sF8
By trakionfilms on Nov 30, 2009 | Reply
isminx,
You’re …
isminx,
You’re right. One major point I’d like to make is the magnitude of the error. Even if there were thousands of people who wanted to lose their home and every landscape, building improvement or other investment they made in that home after only three years, the maximum amount of damage possible to the US economy would only reach around $5 billion. We have given over $5,000 billion to the bankers SO FAR. That’s 1,000 times worse. The people lost everything, the bankers lost nothing.
By isminx on Nov 30, 2009 | Reply
And THAT is a crime …
And THAT is a crime. Our government is rewarding the crime by keeping these institutions in business. Who is to say that this will not happen again? Where is the punishment for committing fraud? The homeowners have instant punishment in foreclosure. The banks and wall street will never be brought to trial for their part.
By isminx on Nov 30, 2009 | Reply
Following the …
Following the thread of comments that you and rj have been having. When it comes down to it, someone wanted to make a lot of money very fast, they broke or bent laws to make this happen. People will always ‘want’ more than they can afford, it’s the American Dream to own a home, and why not a huge beautiful home? Folks did not use common sense, that was greed. Banks were too busy making money, and that was greed. Now, the banks that bought into the fraudulent practices are being bailed out.
By paul james on Dec 2, 2009 | Reply
If anyone worked for Ameriquest or Argent from 2002 to 2006, please email me. I am especially interested in info regarding Wayne Lee and any proof of fraudulent loan activity. Please email me and I will explain further. If your interest in retribution, now’s your chance.