Another Reason NOT to bail out Morgage Companies
Here is another reason not to bail out the finacial market and their lack of follow up or through, or even doing basic backgrounds. When these companies rack the average Joe over the coals and want to know why you did not pay the paperboy his money in 1979, they should have at least figured this out sooner.
A recent 45-page indictment, the culmination of a two-year investigation by state and federal agencies, was released. A real estate broker and nine others were members of a crime ring that stole $1.1 million in a mortgage scheme involving dozens of properties around the Denver area, were named on Monday.
The broker, Uto Essien, orchestrated the fraudulent operation, negotiating purchases and directing buyers to set up shell corporations. Mortgage broker Scott Hinkley, loan processor Jennifer Wolsey an Essien employee Idara Ekiko. The indictment also names Bradley Decker, Cheri Decker, Jessica Decker, Heather Etuk, Jessica Caplan and Enoh Etuk.
Colorado Attorney General John Suthers said at a news conference Argent Mortgage, Cherry Creek Mortgage, CIT Group, Decision One Mortgage and Finance America are on the list of companies Essien sought to cheat over a two-year period between early 2004 and late 2006.
Hinkley worked with Wolsey to get loans by overstating the buyers' income and understating their debts, Suthers' office alleged.This is where we should not bail out these morgage companies for their lack of follow through. By not doing a second research on the so called borrowers and only accepting the word of the crooks who knowingly were defrauding loan information.
If the Colorado Bureau of Investigation, Adams and Broomfield county prosecutors and the U.S. Department of Housing and Urban Development, could figure tis out. One would think that the banks would notice when they first started the loan processes.
However this is only the tip of the iceburg. As the MSM wants to tell us everyday that the houseing market is sinking this country. More and more of these frauds are coming to light. Translucent scams to not only screw over the average buyer with questionable rates, but to scam the banks out of money. Our federal government wants the tax payer to pick up the tab on bad buisness practices.
A recent 45-page indictment, the culmination of a two-year investigation by state and federal agencies, was released. A real estate broker and nine others were members of a crime ring that stole $1.1 million in a mortgage scheme involving dozens of properties around the Denver area, were named on Monday.
The broker, Uto Essien, orchestrated the fraudulent operation, negotiating purchases and directing buyers to set up shell corporations. Mortgage broker Scott Hinkley, loan processor Jennifer Wolsey an Essien employee Idara Ekiko. The indictment also names Bradley Decker, Cheri Decker, Jessica Decker, Heather Etuk, Jessica Caplan and Enoh Etuk.
Colorado Attorney General John Suthers said at a news conference Argent Mortgage, Cherry Creek Mortgage, CIT Group, Decision One Mortgage and Finance America are on the list of companies Essien sought to cheat over a two-year period between early 2004 and late 2006.
Hinkley worked with Wolsey to get loans by overstating the buyers' income and understating their debts, Suthers' office alleged.This is where we should not bail out these morgage companies for their lack of follow through. By not doing a second research on the so called borrowers and only accepting the word of the crooks who knowingly were defrauding loan information.
If the Colorado Bureau of Investigation, Adams and Broomfield county prosecutors and the U.S. Department of Housing and Urban Development, could figure tis out. One would think that the banks would notice when they first started the loan processes.
However this is only the tip of the iceburg. As the MSM wants to tell us everyday that the houseing market is sinking this country. More and more of these frauds are coming to light. Translucent scams to not only screw over the average buyer with questionable rates, but to scam the banks out of money. Our federal government wants the tax payer to pick up the tab on bad buisness practices.
