Article

2008-06-28 -Lurid Crime Tales-

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Seafarious 2008-06-28 00:39|| || Front Page|| [11 views ] Top

#1 My conversations with friends in Vegas show both cases. On one hand, realtors caught playing the market with multiple properties in their name when the game of musical ~~credit~~ chairs ended. On the other, another friend spending weekends helping move working buds who've had to clear out of their mortgaged house, into an apartment or on their way to elsewhere in the US where work awaited. I suspect that video of the latter loading their 52" wide screen LCD into the UHaul along with a truck full of belongings wouldn't make good theater has mom and the kids crying at the curb with a couple pieces of meager furniture.

Posted by Procopius2k 2008-06-28 13:42|| 2008-06-28 13:42|| Front Page Top

#2 Seafarious,
Don't know where you or Mr. Veit live, but here in the Twin Cities, most of the foreclosures are in poor neighborhoods of North Minneapolis. Not very many rich speculators up there.

What you've got is alot of not very educated people trying to buy their first home and thinking that the mortgage broker was their on their side.

However the Twin Cities was listed by the FBI as one of the centers for mortgage fraud.

Posted by Frozen Al 2008-06-28 14:45|| 2008-06-28 14:45|| Front Page Top

#3 Precisely Frozen Al,
A lot of families who were first time home owners took the brunt of this. Call them unsophisticated buyers if you like, but you are t-totally right. They thought the mortgage broker was operating with their best interests in mind and they got caught with their pants down. This Veit guy is a dickweed, there are 4 families I know of personally that lost their homes out of this bullshit, and they didn't deserve it.

Posted by bigjim-ky 2008-06-28 18:48|| 2008-06-28 18:48|| Front Page Top

#4 Sorry but if you're too stupid to realize that "adjustable rate" means that your rate will adjust you have no business buying real estate. Or if you can't prepare a budget that will let you make the payments you've agreed to make ....

Posted by AzCat 2008-06-28 20:00|| 2008-06-28 20:00|| Front Page Top

#5 Gotta go with AzCat on this one. Speculator or not you signed a contract. And if that's not it let me know who's gonna start making my payments for me. I'll stop tomorrow.

Posted by Hellfish 2008-06-28 21:45|| 2008-06-28 21:45|| Front Page Top

#6 I like Howard Veit. He's crusty as hell but he's sharp and usually has the fact to back his assertions up. Moreover, he's willing to admit when he was wrong without having to be prompted. Last but not least, who could dislike a guy who claims to have a Ph.D in Home Invasions from San Quentin?

Posted by Lumpy Spusoth6394 2008-06-28 22:07|| 2008-06-28 22:07|| Front Page Top

#7 Maybe, but anyone who's ever bought a house knows what it's like at closing. The guys that sell these kinds of loans arent like the guys at your friendly neighborhood bank, they're sharks. They are the same guys that sell used cars at the buy here pay here lots, they're crooks and they're good at hustling people. If they weren't good at it nobody would agree to the crazy ass terms in those loans. People get scammed, not because they're stupid, because they don't know any better and because these guys are slick.

Posted by bigjim-ky 2008-06-28 23:03|| 2008-06-28 23:03|| Front Page Top

23:35 bigjim-ky
23:28 Pappy
23:03 bigjim-ky
22:53 bigjim-ky
22:35 Eric Jablow
22:07 Lumpy Spusoth6394
21:53 Hellfish
21:45 Hellfish
21:37 Hellfish
20:53 McZoid
20:44 Frank G
20:26 AzCat
20:22 AzCat
20:04 badabump.
20:00 AzCat
19:48 lotp
19:24 Anonymoose
19:22 OldSpook
19:01 Pappy
18:57 Jan
18:55 bigjim-ky
18:52 Pappy
18:48 bigjim-ky
18:47 doc