6 comments

• Comment Link Saturday, November 08 2008 01:35 posted by A concerned citizen :)

  Sounds to me like their brokers were the ones that inflated prices, manufactured income docs, etc. Remember Ameriquest? I believe they were big on targeting the uneducated. Who owned Ameriquest? A future U.S. ambassador. Do you think he didn't know what was happening? What about CountryWide, the Dorean (sp?) group?
• Comment Link Thursday, November 06 2008 22:46 posted by SteveP

  You are correct about the sampling selection parameters impacting the results. The samples I was referring too were the loans where the borrower(s) stopped making payments during the first 12 months following loan origination. These loans were considered to be EPD's (early payment defaults). If we had sampled randomly selected loans from the general loan population, we would not have had enough fraudulent EPD's reviewed to be statistically meaningful sample.
  
  I am presently analyzing one of the top ten markets for mortgage foreclosures which is located in SW Florida. For example, in the 33904 zip code, Hispanics only represent 11% of the total population but of the defaulted mortgages that were originated as purchase money mortgages at fraudulently inflated purchase prices, the defaulted borrowers have Hispanic surnames in nearly 80% of the 360 cases reviewed to date. The disparity is so large, there IS obviously a predisposition for some cultures or ethnic groups to perpetrate mortgage fraud for profit.
• Comment Link Thursday, November 06 2008 22:11 posted by A concerned citizen :)

  Year and years of working in the mortgage industry, and years of reading this blog, indicate to me that ethnicity or national origin don't have much to do with the tendency to commit crimes. Read the names of the accused in this blog. Look at those leading big banks and now in jail or about to be indicted. Almost all the agents I work with are foreign born US citizens, and they are very honest. No lawsuits, and very successful EVEN NOW. I have seen other US born agents, and they were thieves in $1000 suits. I have seen other brokers where most agents were a mixture of ethnicities, and I would not let my worst enemy do business there (broker had his license revoked). Remember, statistics are a result of the sampling group that you use. Why do think pollsters make so much $$$ and have to be very careful about how they conduct their sampling?
• Comment Link Wednesday, November 05 2008 20:13 posted by SteveP

  Years and years of mortgage fraud analysis and research reveals a disproportionately high number of non citizens as mortgage fraud perpetrators. Additionally, nearly fifteen years ago I managed fraudulent EPD repurchase recovery for one of the GSE's and not less than 70% of the cases were perpetrated by non US born fraudsters.
• Comment Link Wednesday, November 05 2008 19:51 posted by A concerned citizen :)

  Your English is horrible. Are you here legally? The problem is not with illegal aliens or noncitizens. The problem is with greedy, unscrupulous individuals.
• Comment Link Wednesday, November 05 2008 08:15 posted by SteveP

  Anybody know if Jose, Iftikhar, or Manpreet were legally present in the US when these crimes were commissioned?
  
  If they are not citizens, but here has properly documented immigrants, does anybody know if their respective sponsors are being pursued for the $219K restitution owed to the tax payer supported WaMu?
  
  Has the department of Homeland Security been advised of their shenanigans?