related linksRead more about foreclosures
FIND YOUR DREAM HOME OR APARTMENT
must-see on msn
Fraud / Scams starting with mortgage lenders up selling family homes to people knowing they would have difficulty making payments later on just to get a larger commission check. Sleazy mortgage brokers bundling this type of loans then selling them to Wall Street Goons / investors to get large returns knowing most would not perform just to obtain prime real estate at below market value. Big Banks knowing this makes the home owners purchase mortgage protection insurance to increase their profits / protect investment. Now they are bundling these foreclosed properties that they have on the books and selling them to real estate investment firms or hedge fund operators well below market value who spend little to fix the homes up to rent to the same people the properties were taken from. All backed and supported by the bought and paid for politicians with our tax dollars.
Theft by taking! This is why the banks did not work with the home owners lowering principal, interest or by some other means to keep them in the homes. It is called transferring wealth from the poor and middle classes to the wealthiest among us. Talk about welfare for the rich. Madeoff could not done a scam any better than the one playing out now designed by Big Bank CEO's and Wall Street Thugs to steal American land and raid the U.S. Treasury! Notice that the larger scams / fraud is in some of the hottest real estate markets.
For an example............OJ. Simpson. He sits at the top of a very long list.