dimelab dimelab: shrinking the gap between talk and action.

mortgage fraud Topic in The Credit Debacle Catalog

FBI reports endemic lender-initiated mortgage fraud (1); mortgage fraud personified (1).

naked capitalism Tue 2009-10-27 12:45 EDT

More on Banks Engaging in Mortgage Fraud

Hoisted from comments: I am a lawyer who has been involved in corporate finance for over 25 years...the securitization industry 5-10 years ago made a collective choice to ignore the terms of contracts, state and local laws and legal convesntions developed over hundreds of years. Why? Because they could. Our legal system and conventions were built on the assumption that most businesses would choose to follow them. Instead, the securitization industry simply developed a cost/benefit approach to following the law and adhering to contracts. It worked quite well becaseu most individuals just aren't equipped to read and enforce their mortgage agreements or fully understand the law.

banking engage; mortgage fraud; naked capitalism.

Wed 2009-04-01 00:00 EDT

William K. Black: The Two Documents Everyone Should Read to Better Understand the Crisis

credit rater rebuffed by rating agency senior management; FBI reports endemic lender-initiated mortgage fraud

better understand; Crisis; documentation; reads; William K. Black.

Wed 2008-06-04 00:00 EDT

JS Online: House of pain

by Cary Spivak and Daniel Bice; mortgage fraud personified

Housing; JS Online; pain.