4 comments

• Comment Link Friday, January 16 2009 20:45 posted by Adam Levine

  Hi Anonymous,
  
  You seem a bit stressed. Relax. RE process will go back up after unemployment peaks (my estimate is between 10-12% sometime between the 4th and 2nd quarters. RE prices will bottom ahead of the spike in unemployment).
  
  I assume you have been a banker/mortgage banker for the last twenty-years and hold a CA DRE license. I have seen more Mtg Fraud in 2004-2006 than in 1988-2003, including broker fraud, borrower fraud, appraisal fraud, title company fraud, and escrow fraud. I have seen rating agencies call 80-20s AAA, MI companies look the other way, appraisers who lie, accountants who certify fraudulent financials, and other devious plots.
  The fraud, Mr. Anonymous, included fake comps, fake VOEs, fake VODs, Fake VORs, Fake VOLs, Fake recon's of liens, double escrows, Fake 1040’s and W-2s, Fake CPA letters, Fake correspondents’ financials, and so much more.
  Earlier in the decade, Alan Greenspan stated that adjustable rate loans (including 2 year fixed and Option ARMs) are a “great alternative to 30 year fixed rate loans” invoking the seeming endorsement of ARMs.
  What I didn’t remember was when the Fed Chairman (Alan Greenspan) said he only used fixed rate mortgages because he found adjustable rate mortgages too risky. Funny, the brokers didn’t mention that; nor did Anonymous.
  If you want to help out borrowers pay their mortgages and other bills, raise the minimum on taxable income and help out the lower and what was the middle class. I agree that the bailout is poorly run (thanks George Bush) and that banks are using the monies to buy other banks. So why not use the money for afore mentioned tax cuts, OK?
  You make some good points about the bailout, but you need to study mortgage fraud before you make such ignorant comments. There is some great books on www.Amazon.com on the subject of mortgage fraud and MBS’s.
  Regards,
  Adam Levine, CEO
  Sicuro, Inc.
  www.adamjlevine.com
  PS Why not post your real name? What do you have to lose?
• Comment Link Thursday, January 08 2009 14:51 posted by Diane

  Hey Anonymous, Adam is correct. The State of Florida gave anybody who paid the fee a mortgage brokers license. It didn't matter whether they had a criminal past or not. Now they're trying to put the genie back in the bottle. Good luck. Blame the politicians, including Jeb Bush, for looking the other way. In 2005 nobody wanted the party to end. Hey, where's my bailout?
• Comment Link Monday, January 05 2009 07:47 posted by anonymous

  Hey Adam,
  Stop trying push your agenda and this BS about Risk mgmt.. If you want why dont you stop this Bailout fraud that banks are taking tax payer money to buy other banks. Its purpose was to help deliquent and foreclosure...and improve lending...these banks are taking the money to improve there balance sheet and buying other banks....that is bigtime fraud and money laundering at massive scale...the big guys get bailout and little guys get jails....
• Comment Link Sunday, January 04 2009 00:33 posted by Adam Levine

  The problem is that not enough of the fraudulent Mtg "professionals" were caught and punished. Honest Mtg professionals spent time and money to file complaints, but for the most part, they were ignored. People become indifferent about fraud and it became an accepted practice-look where we are now! The regulators were more part of the problem than of the solution.
  
  It is for these reasons that I am working in Risk Management/Due Diligence. I want to help reduce fraud in mortgage lending, and restore confidence and attract capital to our ailing industry.
  
  Adam Levine
  www.adamjlevine.com