After tax cuts from Bush this is how rich Americans are planning to milk the Government - mortgage frauds and bank rip offs to be paid by American middle-class
Fred Day
Jun. 17, 2007

FBI needs a special branch to get to these white-collar crooks. These are mortgage brokers and bankers that found gold in the system and are milking the Government, Banks and the whole middle-class.

The scheme is simple and is flourishing in many states including New Jersey. These rich individuals buy homes for low prices. They collaborate with corrupt and immoral real estate appraisers, mortgage bankers, and title companies. They get the properties appraised for a higher price. They find a family struggling to make both ends meet or who cannot afford a home, lure them into a home buying deal. The mortgage banker underwrites the loan with false information on the individual’s inflating income, savings, and so on. The deal goes through with the collaboration of seller, mortgage broker, bank officials, appraisers, and attorneys and the family moves into their dream home. There is no statute to prevent this fraudulent scheme. The Federal Reserve still is writing guidelines on mortgage underwriting.

The new homeowner can never make even one payment. The foreclosure procedure starts. In the mean time the mortgage is sold to another bank or financial institution that is covered under FDIC and other federal and state insurance programs.

The banks finally realize they got ripped off. The crooks cannot be charged because no one is there to go after them. The rich and dishonest people who influenced and got the tax cut from Bush are now ripping the Government like this.

Guess who will finally pay for these white-collar bank robberies – you and me – the middle class Americans. Remember 1987-88 savings and loan scam? Remember how we the American middle class took billions of dollars losses into our chin? History is repeating again but the amplitude of fraud is million times. Some of these rich people are already talking about Federal Government bail out of sick banks and mortgage banks by increasing the budget deficit even more.

Middle-class America will have to fight an economic depression for the next twenty years. These crooks with their tax cuts and mortgage fraud money will escape to other countries.

After tax cuts from Bush this is how rich Americans are planning to milk the Government - mortgage frauds and bank rip offs to be paid by American middle-class
Fred Day
Guess who will finally pay for these white-collar bank robberies – you and me – the middle class Americans. Remember 1987-88 savings and loan scam? Remember how we the American middle class took billions of dollars losses into our chin?
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