Bankers! Two down hundreds more to go!

Discussion in 'Current Events' started by RodISHI, Apr 30, 2009.

  1. RodISHI
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    RodISHI Gold Member

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    Coon Rapids, Minnesota two bank executives looking at up to thirty years for multiple charges of fraud.

    Not as good as a hanging that ed would prefer but at least something for their crimes.




     
  2. RodISHI
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    RodISHI Gold Member

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    Problems of falsified documents seen by mortgage bankers association in 2006 2007? Twenty-eight percent of the loans made contained fraudulent documents?

    The problem was well known in 2003 - 2004 and it grew larger by 2006 an unsuspecting public was unaware that the crash would be hitting soon.



     
  3. RodISHI
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    RodISHI Gold Member

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    More at the compliance and enforcement page of the IRS


     
  4. RodISHI
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    RodISHI Gold Member

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    Another nice link to see the trends of the banking industry from 2005.

    Now news Acrhive, August 16, 2005

     
  5. RodISHI
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    RodISHI Gold Member

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    Added this one in the thread.


     
  6. garyd
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    garyd Senior Member

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    So just under 4% of Loans were fraudualent. The nature of the fraud is unclear but seems to be based on property flipping, ie buying a property fixing it up and selling it at a profit a few months later. Interesting.
     
  7. RodISHI
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    RodISHI Gold Member

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    Mortgage Bankers new low for the mortgages that they have with altered docs. Get the unsuspected borrower to sign an agreement that all the documents are true and correct in their loans.



     
  8. Xenophon
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    Xenophon Gone and forgotten

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    Coon Rapids???

    Wow, big timers!
     
  9. Toro
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    Toro Diamond Member

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    The Fifth National Bank of Coon Rapids...

    There was a lot of fraud.
     
  10. RodISHI
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    RodISHI Gold Member

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    In Minnesota there is a lot of fraud. Actually throughout the states there is a lot of fraud. These investigations take years and the banks have hidden it very well in many cases.


    It really makes no difference if it is a small bank or a large one. I believe they just have not gotten to the larger banks yet.
     

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