ROAD TO RUIN: Mortgage Fraud Scandal Brewing
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Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.
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Comment by Gioxtream on 21 December 2010:
Mortgages that were based on Fraud?? I think. I want my house back.By The way… a multi million dollar law suit and Jail time for all those who create the terms of those bad agreements. PERSECUTION.
Comment by GThomason on 21 December 2010:
Bank of America is CRIMINAL. Besides all the things they do to credit cards, they are the MAIN PERPETRATOR of Foreclosure Fraud, throwing people out of their homes by forging the documents. DEMAND that your bank produce YOUR ORIGINAL mortgage note with your “wet ink” signature (a copy is insufficient, just like a copy of a dollar bill is not a dollar). If the bank cannot produce YOUR original signed note, they can be sued for the mortgage amount +3 times the amt. They’ve been caught FORGING.
Comment by NOTSODOTCALM on 21 December 2010:
fuck them all FUCK FUCK FUCK FUCK FUCK FUCK FUCK
Comment by michielma on 21 December 2010:
Bring these bankster-gangsters down. The scum
Comment by rbrouwer5 on 21 December 2010:
same situation….get an attorney..to much corruption in the paper system and mers…fight these jags. F@#k Chase and all the other banks.. They make way more on foreclosing then modification. thanks to? the bailout to AIG and big banks.The Gov allowed this because all there buds (big banks ) were making huge money…and now with the biggest financial heist in American history they have hedged there bets and made money on the bailouts. For the people by the people.nope. For the Gov. by big bus.
Comment by Orical001 on 21 December 2010:
my god the first time I heard a black lady being so articulate…
Comment by StopTheOilSpillNow on 21 December 2010:
great vid
Comment by msbearpaw on 21 December 2010:
With 700,000 claimants in the recent Ameriquest MDL class action settlement not many of the claimants are aware that we will only be getting around $30 each in the settlement after lawyers fees and other agreements in the suit. It is not fair! I am hoping the Judge agrees and the suit starts over.
Comment by HateClips on 21 December 2010:
Im glas that Ameriquest will be paying out to many homeowners which they ripped off here soon in the mdl class action settlement. those people are worse than vultures.
Comment by hannahunney on 22 December 2010:
It almost happened to me. Buyer beware -kiss my *ss, thaitanium12.
I was relying on the expertise of the lawyers, brokers, realtors, title company, and closing agent.
The ONLY reason I knew something was wrong was because I had accidentally found a few articles about mortgage fraud while looking up something else, or I’d have never known the “little” mistakes, blank areas on paperwork, the lawyers (who were for the BANK, not me as my realtor intimated) wanting power of Attorney were suspect.
Comment by jgz8 on 22 December 2010:
The Élite ruling class in America, we have 300 Million Americans but 20% of the Elite rule you know how they are
and 2% at the top( 6 Million of them) ???
Third Fisherman: Master I marvel how the fishes live in the sea.
First Fisherman: Why as men do a-land; the great ones eat up the little ones
Pericles, Prince of Tyre
Vilfredo Pareto, Gaetano Mosca, Robert Michels, Niccolo Machiavelli
Read, NYU Professor The Machiavellians Defenders of Freedom by James Burnham
Comment by vitomasilotti on 22 December 2010:
Excellent video! Thanks for posting this. I have reason to believe it, 100%!
Comment by suzukispecialists on 22 December 2010:
This all STARTED with BIll Clinton signing into law the “Community Reinvestment Act” lowering the lending standards. This was the Gov’t telling the Banks to dangle that carrot and yell at the top of their lungs “We Finance Anyone with NO MONEY DOWN” like a used car dealer. ACORN picketed & obama sued Banks to give risky loans. obama & others received millions for their part in all of this SCHEME and the gov’t continues to blame the lending institutions, but will not accept any responsibility!
Comment by thaitanium12 on 22 December 2010:
You have to laugh don’t you poor people trying to get rich without working relying on the price of their (well the banks) property to increse in value. Ever heard of caveat emptor, buyer beware? On a lighter note I have one tower bridge for sale located in London, quick sale required buyer to remove.
Comment by Gizmosra on 22 December 2010:
It’s starting all over again with appraisal management companies driviin by lowest fees and fastest turn times. Some of the largest amc’s are now owned by the largest subprime lenders. Look at streetlinks
Comment by kanika618 on 22 December 2010:
this video is gud…!!!!
Comment by Anothercoilgun on 22 December 2010:
The mentality (el stupido technicality) of kevint864
is 1/2 the reason why the USA is in such shit.
Comment by Anothercoilgun on 22 December 2010:
Please search “Mortgage Madness” The series is 6 parts and is extremely detailed of this PLAN called a CRISIS.
Comment by walgar2 on 22 December 2010:
There were mortgages underwritten based solely on the verbal disclosure of the borrower. The lender did NOT want to know if the borrower could pay it back or not. Either the house went up in value or the borrower got foreclosed, either way the lender won.
Comment by kevint864 on 22 December 2010:
@jxh261
You obviously have not been in the lending business.
Buyers / Borrowers knew what they were doing. Don’t go putting the entire blame on the loan officer.
A borrower only needs a few loan denials to figure out that the next time they apply for a loan, they know what to say, how to say it and what documents to provide or produce.
Comment by judywrite on 22 December 2010:
This video is very well done!
Comment by jxh261 on 22 December 2010:
When you apply for a loan you bring your current pay stub and your credit history gets checked. Please explain to me how the buyer can be blamed for taking loans out they couldn’t afford when it’s the loan officer’s job to check and re-check the borrowers ability to pay that loan. There is no way the buyer can fake these documents when the bank can check any records they need before approving loans.
The idiots blaming the borrowers have drank the kool-aid sold to them by Fox news.
Comment by rjanis123 on 22 December 2010:
credit cards?
what?
who missed what point again?
Comment by freddytuber on 22 December 2010:
but they might not know that their credit cards were over the limit because of fraudulent charges – guess you missed that point!
Comment by connielane on 22 December 2010:
Greed and deception fuels the world and this is what you get! It’s not over yet.