“You can have whole neighborhoods that are economic wipeouts. Who did it really help? The builder. He got his sale.”

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Richard Hagar, national expert on mortgage fraud, explaining the effect of builder bailouts to The Dallas Morning News

Rachel Dollar

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4 responses to Richard Hagar, national expert on mortgage fraud, explaining the effect of builder bailouts to The Dallas Morning News

  1. Could this be the article? http://www.dallasnews.com/news/metro/20150713-recession-era-federal-mortgage-scams-still-echo-in-dallas-area.ece There were lots more builders who should’ve gone to jail during the housing boom/bust, including some CEO’s with the nation’s largest chain builders. This is just one example of how this industry contributed to the problems. Besides this, during the early 2000’s the FBI’s reports on financial crimes said mortgage fraud could take out the economy and was being done 80% of the time by the industry itself (housing/lending). Builders figured in a number of those reports along with real estate agents, title agencies, appraisers, and of course lenders, including in house lenders of big homebuilders. I’m appalled that this industry has largely gotten off the hook for taking out the economy. I sold a house in 2005 and as I was moving out noticed that builders models had signs on them indicating we were about to go into an economic bust. So I find it funny that you always read (such as in this article, too) that the bust was in 2008.

  2. This is fixed now – it links to the underlying article where the quote was – about the ongoing prosecutions in Texas. Cheers!

  3. A Twitter comment is not an article. Waste of time.

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