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Fannie Farkas Fraud
Generali
Posts: 36,411 Forumite
What a fark up!
http://www.bloomberg.com/news/2011-06-30/fannie-mae-silence-on-taylor-bean-mortgages-opened-way-to-3-billion-fraud.html
It's well worth a read. This bit stands out to me:
http://www.bloomberg.com/news/2011-06-30/fannie-mae-silence-on-taylor-bean-mortgages-opened-way-to-3-billion-fraud.html
It's well worth a read. This bit stands out to me:
Fannie Mae’s fraud department looked at $1 billion in suspect loans in 2009 and found $650 million to be fraudulent, according to William H. Brewster, director of Fannie Mae’s mortgage fraud program. Brewster told the Financial Crisis Inquiry Commission that the loans were bought from lenders such as Bank of America Corp. (BAC), Countrywide Financial Corp., Citigroup Inc. and JPMorgan Chase & Co.
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Comments
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It's amazing just how incredibly bad the US mortgage market was, and it really does illustrate how vastly better UK lending standards were on average than American ones, as the default rates amply illustrate despite both countries having ZIRP, QE, and help for homeowners.
Of course there were a few isolated instances of fraud here too, but it was miniscule by comparison to the USA....
Quite infuriating actually, when you think about how unfairly we've been penalised by those American idiots crashing the global economy.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
I wonder if the UK would have the same results?Not Again0
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HAMISH_MCTAVISH wrote: »Quite infuriating actually, when you think about how unfairly we've been penalised by those American idiots crashing the global economy.
You've given the game away now. You are Gordon Brown.0 -
HAMISH_MCTAVISH wrote: »Quite infuriating actually, when you think about how unfairly we've been penalised by those American idiots crashing the global economy.
We have been saved by those American idiots.
I wonder what Northern Rock would be offering today if the Americans hadn't spoiled the fun ? Take one mortgage, get another one free ?30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
The 200% mortgage. What a great idea!
It is.
Borrow 100% for a place to live in, the other for a second place to rent out.
Risky ? No. Nothing can go wrong, even if you can't afford the payments. Simply sell the second place, and you are guaranteed to be in profit, due to the fact that it'll be easy for someone else to get a 200% mortgage to buy it from you.
Like Hamish says, the banks really do need to start lending again.
Anyway, why stop at 200% ?
Come on banks, we want things to be good again (10%+ HPI), just like Tony and Gordon gave us.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0 -
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& I bet the man who stole $100 didn't conspire.Not Again0 -
HAMISH_MCTAVISH wrote: »It's amazing just how incredibly bad the US mortgage market was, and it really does illustrate how vastly better UK lending standards were on average than American ones, as the default rates amply illustrate despite both countries having ZIRP, QE, and help for homeowners.
Of course there were a few isolated instances of fraud here too, but it was miniscule by comparison to the USA....
Quite infuriating actually, when you think about how unfairly we've been penalised by those American idiots crashing the global economy.
As Warren Buffett said:"It's only when the tide goes out that you learn who's been swimming naked."
I don't think we should get too smug until the UK housing market correction has played out a bit further.0 -
those American idiots crashing the global economy.
Gibberish !!!! :eek:'In nature, there are neither rewards nor punishments - there are Consequences.'0
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