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DEL.ICIO.USMortgage fraud: Where’s honesty gone?
The Atlanta Journal-Constitution
Three states in the Southeast — Georgia, Florida and North Carolina — are among the top 5 in the nation in mortgage fraud. Georgia, until recently, was number one. Bob Young, the regional director of the U.S. Department of Housing and Urban Development in Atlanta, calls it “one of the fastest growing crimes in America” with the number of pending cases nearly doubling in the past three years.
The most common mortgage fraud scheme, Young says, is to sell a home at a hugely inflated price, relying on phony appraisals. Another is to use bogus pay stubs or other documents to misrepresent a buyer’s ability to qualify for a mortgage. “These crimes take the collusion of several parties to pull off,” Young continues. “That’s why when you see cases of mortgage fraud, you’ll usually find some combination of real estate brokers/agents, appraisers, mortgage brokers and attorneys involved.” New anti-flipping rules involving FHA mortgages take effect Friday. Flipping is buying a property and quickly reselling it at an inflated price.
Much as my conservative heart loves the mortgage — home ownership, like marriage, is the beginning of healthy communities — I’m appalled that white-collar professionals in several respected fields are so ethically bankrupt that they’d casually rip off the rest of us. You expect when the government’s handing out free $2.000 debit cards to Katrina victims with little or no accountability that the crooks will surface. But if elements of the middle class are so lacking moral bearing, what does that say about the kind of communities we’re building? Whenever gas prices spike, liberals and cynics trash Big Oil or Big Business as corrupt. Frankly, I’m less worried about that than I am about corruption next door.
We see it, too, in resume’ inflation. People just flat lie, claiming degrees they don’t have or awards they didn’t earn. I attribute some of it to the cynical proposition that employers discriminate in hiring, and if you can just get your foot in the door, you can prove your ability. We think “the system” is corrupt, so we corrupt ourselves.
Why Georgia with mortgage fraud? I’m not one of those who believes that a politician who takes a free meal is destined to become corrupt, but in small ways — resume inflation — little corruptions do foreshadow big ones. Mortgage fraud is an example. How can we expect virtue in Katrina opportunists, or how can we expect immigrants to honor the rule of law and take the legal route, when important elements of the middle class, society’s keeper of values, rationalizes away its own corruption?
Comments
By Mike
July 6, 2006 08:19 AM | Link to this
Caveat Emptor! How many times have we heard this. Yes there are many corrupt and crooked people out there. But what has happened to personal responsibility? Yes, there should be government regulations and standard guidelines, etc when it comes to mortgages. But about people taking the time to actually check out a mortgage company? 9 times out of 10 if you your research you can usually catch the bad guy. When we were buying a home we did a lot of research on different companies. We went through a mortgage broker 1st and secured our financing before we bought. With the help of this broker and some research we did we were able to get a good deal. But we did need some down payment assistance. We did the Ameridream program. Too bad too many people abused this program. It was a good program and it was designed to help good people secure a mortgage. Again it’s the 1 percent ruining it for the other 99 percent. All in all if people would actually do some research (because you know the loan companies, agents, etc all do a lot of research on you up to and including credit reports, personal inquires, etc) there wouldn’t be as much fraud. It all boils down to people wanting the golden goose to lay eggs but they are too lazy to feed it or clean up after it.
By the short hairs
July 6, 2006 08:28 AM | Link to this
Fraud starts in the crib with inflated expectations of the world after the unqualifying love we get from our mothers. It has to do with being #1 in a sports game and labeling #2 as losers. It has to do with the fast talked caveats at the end of car commercials.
Fraud is epidemic. Notice those “enclaves of mobile homes”? It’s a Trailer Park. “This mobile home has 21/2 baths”. Half bath? It’s a broom closet with a spitoon and a bedpan.
People are phoneys, and hacks. If there’s a funny line on Saturday Night Live, the entire country repeats it for the next ten years. People bond over the plagiarism. “Oh, you’re so clever to say, ‘isn’t that special’”
Car styling, fashion, art, and literature all grind inside the same bland blend of sold out mimicry. Movies all end with the protagonist and the antagonist in the same room holding pistols and firing away at point blank range. Even if the movie begins as a bus journey with nuns, you know at some point one of those nuns will pull out a snub nose.
There hasn’t been one original idea in 2000 years. Notice how Christ didn’t copyright the Beatitudes? He wanted people to steal that and spread it around. When’s the last time you heard a Beatitude?
Blessed are the hacks, for they shall inherit the short money.
By Amelia
July 6, 2006 08:30 AM | Link to this
Is it that people rationalize away corruption, or is it that they actually have no concept of what integrity, ethics, or corruption consists of? Or,on the other hand, could it be that their morals, ethics, and integrity rises and falls with the dollar amount that is involved. Money seems to create a culture that embraces situational morals, ethics, and integrity based upon monetary gain. It seems very easy for people to willingly forget right and wrong if they stand to gain financially. I will never forget seeing Kenny Boy Lay in front of a battery of cameras with a bible in his hand stating, “I have done nothing wrong.” But the truly apalling thing is that he and millions of others like him really and truly believe that they have done nothing wrong. The end justifies the means. That making the money is all the justification that they need. And how many so called “patriots” place commerce above their country if there is a buck to be turned? Remember the famous Michael Douglas line, “greed is good?” Unfortunately too many of us obviously agree. Worse yet, with the leadership that is being put before us, it has probably become institutionalized in our society. Probably irreversible.
By jbmlaw
July 6, 2006 08:34 AM | Link to this
Causation is the perpetrator’s criminal heart, of course, but there are two significant contributing factors:
(1) My brother attorneys are almost uniformly “accounting illiterate,” and thus intellectually incapable of knowing a criminal when they see it.
(2) The US Congress passed a series of laws beginning in 1970 (Truth in Lending, Home Mortgage Disclosure Act, Fair Housing, Equal Credit Opportunity, and, arguably, Community Reinvestment Act) that significantly elevated the costs of all lending for legitimate agents (i.e., banks). Driving out the banks facilitated creation of the so-called “mortgage banking” field. While there are many ethical practitioners in that field, such a high-pay-for-performance industry attracts a large volume of snakes. Once they learn how to manipulate the system, mortgage fraud is a simple 1-2-3 process.
Bet you never dreamed I would find a way to blame Congress for mortgage fraud.
By jbmlaw
July 6, 2006 08:35 AM | Link to this
Good form, Amelia, kicking the corpse. Show some dignity.
By the sweet by and by
July 6, 2006 08:44 AM | Link to this
Jbm is right! Fraud and incompetence are ugly stepsisters.
Example of incompetence
Congress was nearly unanimous when it passed the 1.6 gallon per flush law for new toilets in 1988 in a misguided attempt to conserve water. This came at a time when millions of baby boomers were becoming aware of the importance of fiber in the diet……Kellogs had just began putting 2 scoops of raisins in their cereal…..and Charmins had just invented the triple roll.
We found we had to flush six times and use much more water with those eco-friendly commodes….INCOMPETENCE and FRAUD!!!
By Amelia
July 6, 2006 08:48 AM | Link to this
Yes jbmlaw, I kicked the corpse just a little. But how many corpses did Kenny Boy’s behavior contribute to. Yes, I am being uncharitable and catty. But in his case I have but one regret. That being that he didn’t die after experiencing a jail cell. And you as a lawyer know how difficult it will be now for the government and those he stole from and defrauded to recover his ill gotten gains. Even in death the guy profits from his corruption and criminality.
By Play that funky music white boy
July 6, 2006 08:54 AM | Link to this
In life, one of those things where on the surface it seems contradictory, is the undeniable fact that ethical and socially responsible behavior actually helps you in business. If you treat people right on both sides of a transaction, live up to your word and follow an ethical code, you will have ultimate success. Now, where things may not work out are in the short term. In America’s push for immediate results, rules are expected to be broken and the truth stretched - and this expectation comes from the top down. I can’t tell you how many times I have been in interviews for positions (I’ve been in sales my entire career) where the hiring manager basically tells me that they want someone who can make the numbers immediately and do it without any excuses, such as non-compete agreements or any truth telling to the customer. Go look at the want-ads. “Looking for someone to contribute sales immediately. Someone who has a ‘book of business’. Someone with a strong rolodex.” Thinly veiled attempts at finding someone who will steal the customers from their current employer and bring them over. In the end, it doesn’t help the employer past about a year. I’ve seen it firsthand.
By Kenny Boy
July 6, 2006 08:59 AM | Link to this
“Don’t cry for me JBMLAW…. Truth is I’m not really dead… I just faked it… to throw off the government… my preacher’s in on it… don’t be ridiculous…”
By kickthecan
July 6, 2006 09:08 AM | Link to this
Amelia! Where is it? I want to kick it too.
By seeing through the smoke
July 6, 2006 09:10 AM | Link to this
Sound the alarm!! the middle class is corrupt too!!!
the ethical black hole that stretches billions of dollars wide in Iraq thanks to Halliburton and other contracts — that’s not enough to sound the alarms….
Jack Abramoff (sp??) and his government for sale to the highest bidders —- that’s not enough….
Corporate lobbying to block innovative new energy resouces and protect the multi-billion dollar profits of the oil giants — that’s not enough to sound the alarms….
But mortage fraud is? Resume padding causes conservative panic??
I’m confused by the priorities here. If we think that economic wealth “trickles down” why wouldn’t we also think that the culture of corruption in corporate America and the halls of Government wouldn’t trickle down also? It’s the natural progression of our economic culture.
By Barbara
July 6, 2006 09:16 AM | Link to this
I cannot believe this!!! I agree with Amelia. (Amelia, let’s mark the calendar.) It is a shame that there are so many that put a price on their souls. (And for those of you who’ve read my other posts, you know that I mean literally!) As much as I hate to bring it up, even cheating on your taxes is wrong (no matter how much we hate the IRS!!!) Another blogger wrote that it starts in the crib. I agree (although I don’t agree with the rest of his post). We’ve got to have what the Smiths and the Joneses have, and we don’t care what we do to get it. Particularly with the paystub lies in the Mortgage fraud, I think it is simply a matter of wanting to have a bigger house in order to impress our friends, kids’ friends, families, etc. Why can’t we be happy living within our means? This goes hand in hand with the credit card debt (which I admit, I’m stuck in myself….) and all other forms of sinking ourselves so far in debt that, if a recession hit, many would be in deep doo-doo.
Mortgage companies should be held accountable here. If they don’t do the proper investigations, then they should bear the financial burdens and should pursue the liars that overinflated their incomes. There should be some way to hold appraisers accountable too, should they give falsely inflated numbers. But if the individual knowingly defrauds, then there should be financial penalties for them as well. But this problem will never be fixed as long as we feel that we have to compete with Mr. Smith down the road….
By the sweet by and by
July 6, 2006 09:24 AM | Link to this
The greatest mortgage fraud was our land treaty with the Indians
That’s the basis for the laws that govern our mortgages now. This brings up the founding fathers. They were businessmen first, and they wanted commercial laws unteathered by clinging social obligations or strapped-on justice.
Remember slavery? Thats the basis from which sprang the contractual laws governing any artist/publisher arrangements.
Get a good insurance lawyer, people, for all your contracts, including life, health insurance, car buys, home buys, publishing contracts, trusts….. any contract whatsoever. Its worth every penny. You’ll save millions over your lifetime with an underwriting watchdog.
By Amelia
July 6, 2006 09:25 AM | Link to this
Thank you Barbara. And I will mark it down. Just goes to show that everyone can find common ground about something. If only all the fire breathing ideologues could do the same there just might be something left to build upon. A little ray of hope.
By hulaw
July 6, 2006 09:30 AM | Link to this
That corpse deserves to be kicked.
By deegee
July 6, 2006 09:39 AM | Link to this
It starts in the crib and continues through the restaurant experience. If you have never worked in a restaurant you probably wouldn’t believe the antics that people perform in order to extract a free meal, free gift card, free dessert, etc. from well meaning restaurantuers. All of this with the kids in tow. The parents probably tell them, “so what, it’s just a few bucks and they have plenty of money.” Then they wonder why their kids get in trouble at school.
By the sweet by and by
July 6, 2006 09:41 AM | Link to this
Barbara you are SO RIGHT about credit cards and fraud. Did you ever notice how the more radioactive the metal the card is named after, the higher the debt they allow?
Silver was $1K….Gold was $5K….Platinum was $10K….Titanium up to $100K….I mean, what’s next?
Introducing the URANIUM 235 VISA!!! …it comes with it’s own lead lined wallet…Give yourself a dental xray. Give your wife a mammogram. Give that nasty waiter radiation burns……YES! URANIUM 235 VISA!!!….Your credit’s half life will last 40 thousand friggin years…..special isotopes available in New York, New Hampshire, and Vermont…..void where prohibited by Greenpeace Vigilantes.
By jbmlaw
July 6, 2006 09:51 AM | Link to this
While Barbara is theoretically right about holding mortgage companies responsible, it conflicts with the railing here about Enron. The problem with Enron is that there is no “pot” to make whole all of those who lost money. Similarly, mortgage companies have no capital, and no meaningful capital requirements. (The punitive government restrictions on lending procedures is what pushed mortgage lending out of well-capitalized banks.)
I cannot believe the coarseness of society, talking ill of the dead. I believe that reflects a lack of breeding, and I am ashamed to see purported Southerners behaving so. The cafe-society Manhattanites are that way, but we are supposed to know better.
By Amelia
July 6, 2006 10:02 AM | Link to this
Railing, jbmlaw? Ken Lay is the poster child for corporate corruption. Save your offended sensibilities for someone more deserving. Like that poor rat trapped in one of those little poison houses. You reap what you sew on this earth jbmlaw. And if the guy is held in such low esteem in life and death, whose fault is that jbmlaw? I find it interesting that a lawyer would defend Kenny Boy. Of course I almost forgot I am talking to the billing blogger, jbmlaw. Anyway. Maybe it’s just a case of birds of a feather flocking together.
By Jim's a Dummy
July 6, 2006 10:06 AM | Link to this
That’s why free markets aren’t really free Jim: There is no equity in the buyer/seller relationship. Unless it’s a lemonaide stand, the sellers always have the advantage because the buyers don’t have either the smarts or the time to invest in understanding the relationship.
There’s no such thing as a perfect market, and business people (sellers) are always incentivized to lie, cheat and steal to make a buck. This includes buying the legislators who make the rules, so that the rules will benefit them and not the buyers.
Of course Republicans want less regulation! Lying, cheating and stealing is good for the bottom line!
SHOW ME THE BLING!
By VICTIM
July 6, 2006 10:11 AM | Link to this
Ken Lay can kiss my defrauded a#@! I’d make the trip to hell just for that. Only you jbmlaw could advocate for the biggest corporate crook in the history of this nation. Says alot about where you’re coming from. And maybe you should examine your own lineage before you start talking about breeding. I guess you were bred to bill and blog. Of course the end justifies the payday doesn’t it jbmlaw? Keep it up Amelia and all the rest of you kickers. Where does the line form?
By Van
July 6, 2006 10:20 AM | Link to this
Personally, I find the lack of personal and business ethics appalling and the lack of morals in everyday life shocking.
What do you expect from a society that shows a grand disregard for the simple things. For example -
Marriage Marriage and then a child Company loyality to its employees Employee loyality to the Company
Simple ideas.
It wasn’t that long ago that your word meant something, today, it isn’t worth anything. It is considered okay to lie on resumes, about your military service, cross international borders without documentation and fudge a bit on your income tax.
No one is exempt from this slow corruption. Sexuality use to be a private matter, living together was not a normal part of life and waiting on government handouts was not done.
We have given up personal responsibilities and common sense. We have become politically correct in everything we do.
In short, we have lost our moral anchors. To some of us, it is religion, to some a high standard of conduct and something we once referred to as manners.
What has this to do with the topic, everything, what do you expect from a mortgage broker when society expects to be shafted. Why would the broker give one fig about a person appling for a loan. Having no ethics is not illegal, close but not against the law.
By Chip H
July 6, 2006 10:29 AM | Link to this
@jbmlaw. Wanted to correct several misconceptions you were espousing. The series of laws you mentioned have nothing at all to do with a banks capital requiremenrs and simply required banks to make loans eually available to all people in all neighborhoods based on the same credit standards. Banks have not been driven out of the mortgage field, Bank of America and Citicorp are the two largest mortgage lenders in the country. Mortgage banks grew when a secondary market for mortgages was created by Wall Street, this allowed companies to originate mortgages, sell them and start the process over again without needing additional capital.
For your argument to be close to the truth that would mean that capital requirements caused banks to get out of the lending business completely and that is obviously not the case. What the laws did was make home ownership available for more Americans which as Jim rightly, for once, noted is a key to a healthy community
By Barbara
July 6, 2006 10:29 AM | Link to this
Amen Van!!!
Sweet by and by* where can I get one of those Platnum cards????? I have got to have one of those! LOL. I loved it!
By doubtingthomas
July 6, 2006 10:37 AM | Link to this
Is anyone else starting to think that jbmlaw ain’t a lawyer?
By Barbara
July 6, 2006 10:37 AM | Link to this
Correction Sweet by and by, I meant, one of those Uranium cards. (It would have been funnier if I got it right the first time…..)
By Earl
July 6, 2006 10:37 AM | Link to this
Seeing Through the Smoke nailed it! Jim… HELLO? Please re-read STTS’s 9:10 and tell us why you don’t rail against the K-street culture that has stolen government from the people and given it to the rich and the corporate.
As to mortgage fraud, jbmlaw mentioned the Truth in Lending Act. As a former bank ops employee, let me break this down: The “Truth in Lending” law was proposed BY the banks, FOR the banks, and only appears to protect the public by its deceptive name. You see, the regulation mandates that the bank has to provide full disclosure, “truth” (terms and conditions) ONLY WHEN certain conditions are met, such as the loan being secured by your primary residence. The MANY exceptions are vaguely described in the fine print, and the lenders make full use of them, to be sure. When I asked my bosses, “Why don’t we have to tell the truth ALL the time?” they laughed, said our purpose was to make $$$$, and called me a communist. “Tell the truth all the time… pssshaw! That’s absurd!”
It’s just one more example of corporations and industries, via lobbyists, making the laws that benefit THEM in the end, and not you.
By Woodie
July 6, 2006 10:58 AM | Link to this
Consumer protection in Georgia is a joke. The legislature in Georgia is notorious for this. It doesn’t help that the Republican controlled legislature is pro-business and anti-consumer as well. Putting trust in capitalism has always been a dangerous proposition and there must be protective measures for individuals in disputes with powerful businesses with deep pockets. You surprise me with your opposition to this mortgage fraud business. You lean to the left on some things, so there is hope for a more tempered political climate.
By seeing through the smoke
July 6, 2006 10:59 AM | Link to this
Doubting Thomas — an interesting thought…but I take most people’s self descriptions on these blog with a big ol’ grain of salt.
By Amelia
July 6, 2006 11:05 AM | Link to this
And the tragic thing is that we keep voting for these guys so they can continue to screw us. Maybe we should be more like Mexicans. When they screw us, p**s us off, or just flat don’t represent us, hit the streets. Nothing gets the governments attention like a million people in the streets with the cameras rolling. Of course the way things are heading in this country today, they’d confiscate the film, identify us and classify us as terrorist. Or maybe the next time they throw an election we just don’t go. Can’t get on a watchlist that way.
By Jim Wooten
July 6, 2006 11:08 AM | Link to this
I don’t believe there is a “culture of corruption” in government — with the rare exception of one like Bill Campbell’s in Atlanta where the convictions document the fact. I don’t believe there is a “culture of corruption” in corporate America. I don’t believe there is a “culture of corruption” in mortgage lending. Exceptions exist, of course.
And, frankly, I don’t have any problem with anybody or any industry lobbying government so long as we know who gave and who got. I think liberals tend to be cynical about free markets and any government they don’t control and can’t use to expand social programs by regulation and law. Conservatives and Libertarians tend to be wary and sometimes cynical of all government.
I’ll join jbmlaw in jumping before the angry mob: Well-mannered Southerners don’t speak ill of the dead and certainly not with glee. And while he’s perfectly capable of speaking for himself, as he’s repeatedly demonstrated, the quick personal turn on him for the ideas he expressed was an example of our doing here what we hate in politicians.
By One of the Majority's Voices of Dissent
July 6, 2006 11:10 AM | Link to this
Yes, jbmlaw, it is so surprising to see southerners, with all the historical sophistication of slavery, discrimination, and of course Nascar, make comments about a deceased criminal. You’d only expect New Yorkers to be so callous, a result of all those science museums, art museums, integrated culture, and a first rate education system. Those barbarians! If they could only be as genteel as aristocrats like yourself everything would be perfect, a return to the glory of the old south. There are silly fools at all levels of society.
By Earl
July 6, 2006 11:20 AM | Link to this
I don’t believe there is a “culture of corruption”
I guess it all depends on what the definition of “is” is…. Jim, are you saying that if something is not against the law, then it isn’t wrong? It’s not “corruption” if there’s a legal loophole it can squeeze through?
By that logic, then NOTHING is wrong that isn’t against the law, then, right? All these people getting screwed, yet MAGICALLY, NO ONE is doing the screwing!!! Hahaha!
Boy, you sure have a funny way of having a discussion on honesty and ethics.
By Amelia
July 6, 2006 11:20 AM | Link to this
Hey Jim! Don’t forget “Duke” Cunningham! Throw a RepubliCON in there to be fair and balanced.
By One of the Majority's Voices of Dissent
July 6, 2006 11:23 AM | Link to this
Jim Wooten,
That was beautiful- you typing a defense of jbmlaw’s pitiful suggestion at the same time I was rebuking it. There are silly fools at all levels of the media as well.
Whether there is a culture of corruption in government, the business world, or lending depends on your criteria for how widespread it must be to consider it a “culture.” I would say it’s more widespread than it should be and much of it is because corporate America has too much influence on our government. Lobbyists and corporate funding (payola) have taken the real power away from the citizens and put it in the hands of the shadowy Ken Lay’s who head so many industries. We Democrats want the power to be with the government instead of corporations in the hopes that we, the people, can have more control over the direction of our nation.
By Amelia
July 6, 2006 11:27 AM | Link to this
Thank you Earl. That seems to be the fundamental problem. If it is wrong, but not illegal, then it must be right. Jim there doesn’t have to be a conviction involved to be wrong. So I guess using your logic I will have to say that Tom Delay is a fine upstanding pillar of society with the highest principles and ethical mores. A bright shining light for all of to follow. But only until he is wearing stripes Jim. After that he is just another scumbag. Way to go Jim!
By seeing through the smoke
July 6, 2006 11:27 AM | Link to this
yes of course Jim, if you don’t believe it must not be true….wait, isn’t that similar to those folks who don’t believe OJ committed murder…
I will give you points for your weasel wording to avoid going on the record saying there is not a culture of corruption you got out of that one, slick.
By Barbara
July 6, 2006 11:31 AM | Link to this
Jim, I agree with you that people need to lay off of jmblaw. He’s a pretty polite fellow and he should be extended the same courtesy for expressing his opinions. And perhaps Amelia was a little gleeful about Ken Lay, but come on! Dying doesn’t excuse your crimes.
But now that I’ve got that out of the way, more importantly you really don’t believe there’s an air of corruption running through the current government system?? Really? Seriously?? I mean…. REALLY???? I’m not being sarcastic, and we’re way off topic of your post today, but can you really say that the government officials’ first concern isn’t their own re-election, and how much power they can use in their office? Granted, I really do think that Bush believed he was protecting us when he began the war on terror, and I am completely behind his goals for the war on terror, but do you think that is still the goal over there today?
I agree with you a lot, but my mouth is still ajar at your statement that government is not corrupt.
By getalife
July 6, 2006 11:34 AM | Link to this
Jim,
Your party’s corruption goes further than mortgage fraud and you know it. Tom DeLay created this monster called K Street and the whole system is corrupt.
“Thinking right” provided us with this: “”North Korea Is Firing Missiles. Iran Is Going Nuclear. Somalia Is Controlled By Radical Islamists. Iraq Isn’t Getting Better, And Afghanistan Is Getting Worse”… “
Now, when Mr. Murtha brings back the draft to a vote, we will see your party cut and run and they will leave the next administration to clean up the mess.
By Jim Wooten
July 6, 2006 11:36 AM | Link to this
Earl, clearly much that’s wrong and unethical is not illegal. I just don’t think people get up in the morning deciding that they’re going to pollute the air today, or screw over a few more hapless souls. Some do — and that’s why responsible oversight of monopolies is essential and why government should protect those who are incapable of protecting themselves — children and the weak. But regulation should be the bare mimimun necessary to afford specific protections, and then justified on a cost-benefit basis. As for the culture of corruption in business/goverment that One of the Majority’s Voice of Dissent addresses, I’d note that no matter who’s in power, special interest pleaders are at the door. Sometimes they represent unions, the AARP, or other special interests and sometimes they represent business. One is no more noble or corrupt than the other.
By seeing through the smoke
July 6, 2006 11:47 AM | Link to this
Just a quick note from the Houston Chronicle regarding our dearly departed Mr. Ken Lay:
What he couldn’t do in the courtroom, former Enron Chairman Ken Lay may finally be able to achieve in death — avoid a criminal record.
Lay, 64, who died of a heart attack in Aspen, Colo., early Wednesday morning, will likely have his case vacated, meaning it will be as if he were never charged.
Government efforts to seize more than $43 million in assets from him through criminal proceedings will likely also end with his death, although the government could file civil forfeiture proceedings.
“The messages will remain there from the trial but legally there is nothing left to do on the criminal case because there’s no defendant any more,” said Sam Buell, a former federal prosecutor with the Enron Task Force who now teaches law.
The two large civil lawsuits against him and others linked to Enron will also move forward, but it’s not yet clear if either will continue to seek damages from Lay’s estate.
Lay’s death came just six weeks after a jury convicted him of conspiracy and fraud for lying to investors about his knowledge of the energy giant’s health in the final months before its 2001 bankruptcy. He was also found guilty of four counts of bank fraud
By jms
July 6, 2006 11:47 AM | Link to this
JBMlaw pity the corpse Amelia is kicking is not yours… Amelia is so dead on (No pun intended) The term “The end justifies the means” seems to give those with questionable moral character the go ahead to lie cheat and steal to get what they want… for example a woman once told me her reason for “stealing” a friends husband was that she had always done the right thing and she just decided she wanted this man and she should not be condemned for going after what she wanted… of course after that revelation I decided I needed friends with more moral fiber and we parted ways… The whole aspect of not having losers is bazaar… kids need to learn that they will loose and how to be a good looser, as well as a gracious winner. We need to teach our children restraint they cannot always have what they see or want, they have to earn it and sometimes they will fall short, and that is ok because they tried! SO many parents indulge there children, spoil them rotten and they grow up having an attitude of entitlement. They want therefore they get… Mortgage fraud is just one of the many symptoms of the entitlement mentality… If “Bob” can have a big house then so can I! It is crazy and it costs the rest of us honest law abiding citizens, it is a disgrace and those that commit these so called “White collar” crimes should be prosecuted like any other criminal, because that is what they are!
By Jim Wooten
July 6, 2006 11:53 AM | Link to this
Barbara, I don’t believe there’s an air of corruption running through government. I know politicians that I think are going to wind up in jail someday. I know politicians who are alleged to treat lobbyists like their personal meal cards. I’ve seen what I believe to be clear connections between campaign contributions and issues before the General Assembly. But while the sums are larger in terms of money raised to finance campaigns, I don’t think the system is any more corrupt now than it was 25 years ago and maybe it’s less. If I’m naive, I simply am. Actually now I have to go do Friday work, so I’ll leave the discussion for awhile.
By seeing through the smoke
July 6, 2006 11:55 AM | Link to this
“I just don’t think people get up in the morning deciding that they’re going to pollute the air today, or screw over a few more hapless souls” — the world according to JIM. You are, of course, correct — in at least your wording.
They don’t think I’m going to pollute or “screw over” anyone. They think, I’m going to do whatever it takes to make my almighty dollar. If I pollute or “screw over” my neighbor, so be it.
(that sounds very much like a culture of corruption to me)
By Crackey!
July 6, 2006 12:22 PM | Link to this
It sounds to me, sir, that you can see through the smoke, only because you’ve been blowing that same smoke up your own a**e where your head is.
By jbmlaw
July 6, 2006 12:25 PM | Link to this
Dear Chip H @ 10:29, you err. You are reading the text of the laws and thinking no further.
You are in my specialty now, bank defense in regulatory law. The costs of complying with the laws - especially the downside costs of arguable but contested noncompliance - is what forced well-capitalized banks out of the mortgage business.
One marginally skilled compliance bank examiner can inflict hundreds of millions in losses on banks, for a disagreement over a reasonable dispute as to whether a fee is “amount financed” or “finance charge.” One marginally skilled compliance examiner can affirm, with no real basis, that an absence of lending in one zip code can only be attributable to illegal discriminatory practices.
Such matters are not tried in true article III courts, but are heard by the regulatory agencies themselves, in “administrative hearings,” which are more akin to kangaroo courts. Even if the adminstrative judges rule against the agencies, the agencies can then reverse the judge. A truly stacked deck.
Mortgage lending is the area with largest potential downside in regulatory arbitrariness; so many moving parts in a HUD-1. No bank will intelligently expose its shareholders, when it can make pretty much the same interest buying mortgages in the secondary market, with less underwriting risk. Only the originator has exposure. As mortgage bankers are essentially unregulated, why would a regulated banker even try?
If you want deep pockets, and integrity and accountability back in the industry, repeal the laws.
By Dusty
July 6, 2006 12:27 PM | Link to this
Well, now that all the non-southerners have had their usual spurious spiel about the enjoyable life and liberties of real Southerners, let us think a little farther. Why do people come here for all the advantages and then start complaining like banshees on their arrival? Most Southerners are too polite to tell them they should go elsewhere and try to find our congeniality, our job opportunities, our weather and our ability to ignore their dreary veniality. Seems logical that they would find some other place more to their liking.
As to our government, we have the best in the world. But the best is not good enough for some of you. You are suspect, your see no good, You treat the troops like many are criminals even as we weed out the very few who cross the line. Then you coyly say that you love the country but don’t like President Bush and this and that, even to “kicking” the dead. It goes so closly along party lines that one can easily say that politics now smother patriotism.
I am ashamed of Americans who do not even seem as proud of their country as those under dictators, say Venezuela.
Jim says that government is not corrupt. Our government. And some of you have what is known as a hissy fit. Then throw in free speech so you can tell the world how you dislike your country. Well, thanks a lot. I am too Southern to tell you exactly what I think is the correct name for you. Believe me, it isn’t patriot.
By seeing through the smoke
July 6, 2006 12:29 PM | Link to this
Rather intelligent comment, Mr Crackey. You do sound like a first class genius.(sarcastism for those who might wonder) Your comment was completely irrelevant and refutes nothing. Did you have something to add to the converstation or did you just need to try to be cute?
By seeing through the smoke
July 6, 2006 12:29 PM | Link to this
pardon my typo — should read sarcasm. my apologies.
By jbmlaw
July 6, 2006 12:31 PM | Link to this
Tnanks to jms, I understand all of you corpse-kickers. As he says, the ends justifies the means, for you. Because you reject an eternal sense of right and wrong, you can therefore justify cursing the souls of the deceased.
You are all correct, that I will defend those who cannot speak for themselves. That is as it ever has been, and ever will be - no apology from this ideologue. I will speak for the unpopular and unloved, I will defend those condemned by the world. You will never call me a “plaintiff’s attorney.”
By Dusted
July 6, 2006 12:32 PM | Link to this
Dusty you are the perfect fool. Any government would love the hell out of you.
By $$$
July 6, 2006 12:38 PM | Link to this
echoing doubting thomas…. who’s an attorney? we won’t call you an attorney of any sort, Jlaw… not to worry.
By Dusted
July 6, 2006 12:41 PM | Link to this
jbmlaw. Please tell us how you manage to blog all the time and still practice law? Do you really bill your blogging time to your clients? (if you really are a lawyer) But I’ll give you credit for one thing. You sure have entertainment value. Like that rat that runs round and round in the wheel. The only difference is the rat is more luvable.
By Crackey!
July 6, 2006 12:46 PM | Link to this
Aw gee, mister, I didn’t mean nuthin’. I was only foolin’. Now I feel bad… I’m going to go soak my head in the 1.6 gallon toilet that one poster mentioned before.
Add to the conversation? Uh, professionally speaking, I think that the problem with corruption in the mortgage field is that there’s alot of cats out there, man, well, to be honest, the fact is that there are all these bad-news-cats, and these cats, well, they’re really…bad news, well, let me start over, you see, there’s all these cats, man, and these cats are like….it’s just that there’s alot of cats out there AND YOU DONT KNOW WHAT ALL THESE CATS WILL DO MAN
I guess I hate cats.
By One of the Majority's Voices of Dissent
July 6, 2006 12:46 PM | Link to this
To jbmlaw & Dusty,
So by your logic, we can’t say that Zarqawi or Hitler were bad men because they are now dead? Does the fact that Ken Lay has died negate the crimes he committed and put the retirement funds back in the accounts of the thousands of workers he bilked? I guess it takes a bigoted attorney and a bed pan changing simpleton to make such claims. It would have been better if he had lived so he could serve the time for his crimes, and his victims would at least have the chance to recoup some of what he stole from them.
By Barbara
July 6, 2006 12:47 PM | Link to this
Dusty, did you call me unpatriotic? I didn’t consider my pushing Jim on his statement about government corruption to be a hissy fit, but if you just called me unpatriotic, well, that’s something to throw a hissy fit about. Sir, that is one of the greatest insults you could lob at me and I don’t appreciate it.
By James
July 6, 2006 12:49 PM | Link to this
@Dusty, Then you coyly say that you love the country but don’t like President Bush and this and that, even to “kicking” the dead.
Dusty, I am sure you loved Clinton simply because you loved the country. That’s what patriotism is all about people! I love the USA therefore I must love the C student who leads it.
By Dusty in 1776
July 6, 2006 12:54 PM | Link to this
You colonists are traitors! Where is your loyalty to King George? We have the best empire in the world! But the best is not good enough for some of you. You are suspect, you see no good, You treat the royal navy and redcoat troops like many are criminals. Then you coyly say that you love your country but don’t like King George, his laws, and his taxes. It goes so closly along colonial lines that one can easily say that politics now smother patriotism.
I am ashamed of British subjects who do not even seem as proud of their country and their king as those under other mentally-deranged monarchs.
By James
July 6, 2006 12:56 PM | Link to this
@ Dusty in 1776…That’s damn funny!!!!
By Cletus Snow
July 6, 2006 01:05 PM | Link to this
The natives are restless today.The cure for white collar crime is really simple long hard prison sentences.I hope the days of short resort sentences,fines and probation are behind us. I hope they can find some way for Mr. Skilling to help to do some of Lays sentence. The question Where’s honesty gone,it left when we stopped punishing dishonesty,When the upside is so much greater than the downside.Jim I think that you are dead wrong there is a culture of corruption in this country.I’m not sure when it started but its there and deeply imbedded in the top levels of our business and government.
By seeing through the smoke
July 6, 2006 01:15 PM | Link to this
good point Cletus, corruption is deeply imbedded in BOTH government and business.
By Southern Epitaph
July 6, 2006 01:18 PM | Link to this
Sharapova lost to Mauresmo at Wimpleton (W’s pronunciation). This is not fair. Mauresmo is a man. Look at her/him. Sharapova gets overpowered by these half manbeasts/hag freaks. It’s tennis rape is what it is. Totally unfair.
By Dusty
July 6, 2006 01:19 PM | Link to this
Hey, folks, don’t get upset because I love the South and love my country, the good old USA. If that upsets you, well—TOUGH!
I didn’t name anybody specifically as unpatriot. But “if the shoe fits, wear it”.
I try to leave the judgment of the dead to their Maker. Their records here are public.
I did not support Clinton when he was in front of a grand jury discussing the meaning of “is”. I would not support any president before a grand jury trying to wiggle his way out of lies and broken ethics.
Right, James. I haven’t forgotten 1776. Have you?
By Dusted
July 6, 2006 01:26 PM | Link to this
Dusty is one of those easily led maleable people that are tailor made to become government lackeys. She would be saying the exact same thing if she lived in Cuba, Venezuela, or North Korea. She is perfectly suited to be one of Castro’s block watchers, to sing the praises of Hugo Chavez and his populist posturing, or bowing six times daily to a portrait of Kim, Jong Il. She is just that mindless. But you got to hand her one thing. She would be a “patriot.” No matter where she lives.
By seeing through the smoke
July 6, 2006 01:26 PM | Link to this
But Dusty, you do support a president who sends his minions to congressional hearings to refuse to answer questions about the legal standing of his policies? That president who does everything possible to block the oversight by congress as required by our Constitution?
All of that’s OK, as long as they all agree on the meaning of the word “is”?
By Dusted
July 6, 2006 01:28 PM | Link to this
Dusty, you have definately forgotten 1776.
By James
July 6, 2006 01:31 PM | Link to this
Dusty,
I really think the conversation is over your head. Read the comment posted by Dusty in 1776 That’s what I was referring. Also, No..I don’t remember 1776 at all only its significance in history. What was the weather like? Any good slave raping stories?
By Dusty
July 6, 2006 01:45 PM | Link to this
Oh my,
our president has sent the Attorney-General to Congress to discuss the legal standing of his policies. What is he thinking!!?? Sending one who studied law to discuss legalities.
I see that some of you haven’t noticed that we are fighting a war. That gives the president and Commander-in-chief special powers. If that is overstepped, Congress steps in as it just did. So the powers of government are WORKING. Great.
Nope, “DUSTED”, I shall always be a patriotic citizen of the USA. If that offends your liberal interpretation of citizenship, go for it. I can still tell the best from the worst. The USA is the best and I don’t confuse it with any other national set-up. Here’s to 1776 and all the good stuff that goes with it.
By seeing through the smoke
July 6, 2006 02:01 PM | Link to this
Dusty, you missed the point — not that Bush didn’t go himself, but that he (via his representative) attempted to block congressional oversight by refusing to answer questions. The system of checks and balances does indeed work, however much this president tries to block it. Many thanks to the supreme court and the few members of congress who continue to insist that the white house be held accountable.
By Toad
July 6, 2006 02:05 PM | Link to this
If Amelia had mentioned Ken Lay two days ago as an example of white collar corruption it would have been okay. I don’t see the difference now that he is dead. I’d like to see these white collar criminals in a real prison. Someone like Lay who conspired to inflate stock prices, then cashed in before they crashed, destroying employees’ pensions has affected more people’s lives than someone who robbed a convenience store.
By Paul
July 6, 2006 02:09 PM | Link to this
I have to take issue with one of your comments. I am not convinced that “the most common mortgage fraud scheme is to sell at hugely inflated prices.” “Hugely inflated prices” get the press. Most violations involve a few hundred to 5 or 6 thousand dollars. Kind of like “a little pregnant.” The only approved disbursements are to pay off seller loans and give monies to a seller. Seller “allowances” to a buyer for work not completed may be put in escrow until the work is done. and therein lies the rub. Some attorneys will write a check to the buyer or buyer’s contractor. This in and of itself is not mortgage fraud. It is fraud, however, if the work in not done. What makes this doubly serious is that anyone receiving funds at a closing involving mortgage fraud is guilty of “residential mortgage fraud.” [Law]does not exempt those without knowledge.
Another common practice, which violates State residential mortgage fraud law, is in the area of agent concessions to a buyer to include kicking back part of the [agent] commission. “Kick backs” are not necessarily illegal. The are illegal, however, if the lender has not been properly advised and approved said “kick back.” I personally talked with several lenders, who said that, if they were (properly) made aware of kicking back part of an agent commission, the loan would not be approved in 99% of the instances. If you look at most advertising for commission kick backs, you will notice that in small print there is a disclaimer “subject to lender approval.”
By Artie
July 6, 2006 02:15 PM | Link to this
Way to go, Amelia!!!! Screw Kenneth Lay AND his memory. He got off easy if you ask me. Obviously, “jbmlaw” would have jumped at the chance to defend him and his co-conspirators.
By Dusty
July 6, 2006 02:25 PM | Link to this
See thru Smoke…
I am glad you can read the President’s mind and know exactly what his intentions were. Could it be that he also wanted to know the limits of his powers in wartime? Could it also be that the Attorney General knows what the legalities are and what answers not to give during wartime security? You are interpretating everything from a negative viewpoint, not an open mind.
The Supreme Court handed down their interpretation of the LAW, not just for the White House but for any legal decision to follow. That is their job. Not vindication or accountability.
By horsehockey
July 6, 2006 02:29 PM | Link to this
As a real estate attorney I cannot tell how many times I have been asked to do things that are unethical. One of the most common forms of fraud: An out-of-state investor claiming that the property is to be used as a personal residence, with all paperwork reflecting the same(so the investor can get an owner occupied lower interest rate). After the closing I get a call asking for a copy of the completed deed to the property so that the invstor can get approval for Section-8 housing. Yes, I’ve been asked to fudge repairs, give the buyer a portion of the real estate agent’s commission and a host of other unethical acts. All for $400.00 atty fees. The problem is that the lenders don’t care and the real estate agents don’t care. They want the deal done and they walk away. The attorney is on the hook liability wise for 4 years, after the date or the date the fraud was discovered. All for $400.00 attorney fees! I’ve reported fraud that I’ve witnessed. One lender’s response was “Oh, we made a mistake. Close it anyway. You don’t need any corrective work.” Others don’t give a damn.
By seeing through the smoke
July 6, 2006 02:34 PM | Link to this
OK Dusty… good luck.
By Undertaker
July 6, 2006 02:45 PM | Link to this
One thing is for sure. Kenny Boy just made his wife and her next husband really happy!
By S.HOLMES
July 6, 2006 02:49 PM | Link to this
I hope like hell that they do an autopsy on ole KennyBoy. That guy probably induced a heart attack to defraud the government and others of the assets that they could have recovered. Or maybe his wife killed him so she wouldn’t lose the vacation home in Aspen. It really does need to be investigated based on the guys unsavory history.
By Dusted
July 6, 2006 03:01 PM | Link to this
Think GW will go to the funeral? They were pals you know.
By Undertaker
July 6, 2006 03:03 PM | Link to this
Wonder who’ll do the eulogy? And what the hell will they say?
By Chip H
July 6, 2006 03:06 PM | Link to this
jbmlaw @ 12:25. Can you name one well-capitalized bank that is not in the mortgage business? I’ve worked in the industry for over 20 years and not one of my employers or clients have left the mortgage business due to concerns of regulatory requirements.
The AJC did an excellent article years ago on the discriminatory lending practices of Atlanta banks in mortgage lending and not one bank incurred a single regulatory fine for discrimination. One did receive one for paper work failings.
Banks are originators of mortgages and very little involved in the purchase of mortgages in the secondary market. In fact all your well-capitalized banks are sellers of their fixed-rate mortgage products and not buyers.
Repeal of all of those laws would only have the effect on reducing the number of buyers and not bring any integrity or accountability or deep pockets to the market. If all of the top 100 banks are actively in the mortgage origination and selling business then the deep pockets are already there.
By Earl
July 6, 2006 03:07 PM | Link to this
Still wondering why rich folks who steal millions from thousands can be convicted in May, and get time off to spend all three summer holidays with their families, enjoy the fruits of their ill-gotten gains, polish off their reserves of $300/bottle Scotch (Macallan 25), watch the sunsets from their mountain chalets or the sunrises on their Caribbean beach homes, make love to their wives and mistresses, etc., while poor folks who steal $200 from one store go directly to jail. They do not pass “Go.” Wonder why?
By Sam Arnold
July 6, 2006 03:09 PM | Link to this
does anybody know what happened to this case? It was the first one that Georgia procecutors made under the new mortgage fraud law.
[http://atlanta.bizjournals.com/atlanta/stories/2005/10/31/daily12.html]
By Sam Arnold
July 6, 2006 03:11 PM | Link to this
(http://atlanta.bizjournals.com/atlanta/stories/2005/10/31/daily12.html)
By Sam Arnold
July 6, 2006 03:13 PM | Link to this
Earl, its called posting bond, or paying bail. You should try it next time you get locked up.
By Toad
July 6, 2006 03:27 PM | Link to this
Earl,
It’s called the class system.
By jbmlaw
July 6, 2006 03:36 PM | Link to this
Perhaps the Philistines among you will listen to Garrison:
Garrison Keillor tells how, as a boy, he accompanied his cousin and uncle to Raleigh Hochsteter’s farm for the fall slaughtering of pigs. As the men worked, the boys amused themselves, tossing stones at the pigs, giggling as the pigs jumped, squealed and ran. A firm hand suddenly spun the young Keillor around. Now face to face, three inches apart, his uncle threatened, “If I ever catch you doing that again, I’ll beat you ‘til you can’t stand up, you hear?” His uncle’s wrath emanated from a sense that slaughtering pigs was an essential, almost sacred ritual of life, a solemn duty to be performed swiftly and seriously with the utmost respect for the animals who would become their food. Just a year or two later, when Raleigh’s knife accidently slipped and an injured pig bolted across the yard before dying, he quit raising pigs. He wasn’t worthy — he’d violated a sacred rule that while animals might be raised and used for humans, they were not to suffer needlessly.
When Stalin dies, we do not dance on his grave; we pray for his soul. Be respectful, not spiteful.
By Earl
July 6, 2006 03:36 PM | Link to this
So Sam, what you’re telling us is that in America today, MONEY BUYS FREEDOM in our “justice system?” Yeah, thanks for that brilliant revelation, Sparky. Way to connect the dots!
By jbmlaw
July 6, 2006 03:44 PM | Link to this
Chip @3:06, in 1975, when all of these laws were being passed 100% of residential mortgage loans went through banks and savings and loan associations. Only the advent of consumerism opened the market for the undercapitalized nonbanks, which now dominate the industry.
I appreciate that you don’t argue that “all banks originate any significant percentage of the mortgage loans.” The distinction does not pass me by.
Too many rivers yet to cross today, talk to you all tomorrow.
By deegee
July 6, 2006 03:46 PM | Link to this
Yes, Earl. Money also buys top notch defense teams such as OJ Simpson’s that knew how to get his trial moved out of the burbs and into LA.
By James
July 6, 2006 03:54 PM | Link to this
Good story jbmlaw…you must be one of those compassionate conservatives I’ve always heard about but much like the ivory billed woodpecker.
I respect Ken Lay’s soul as much as I would that pig’s..you are correct.
By @@
July 6, 2006 05:57 PM | Link to this
Jim:
The problem I have with mortgage fraud, other than the obvious, is “Who the heck do you report it to”? There’s a guy in my community who is acting as a broker, buying houses for out of state investors, getting a mortgage above the asking price and then pocketing the difference as fees. The houses are being rented or left vacant. Bad news for my county.
One lady bought a house near me as an investment, never moved in, it sat vacant for two years. I did some tracking into property records. The house sold for substantially more, but the seller walked away with only the asking price. The lady bought a foreclosed house one month after the first purchase and moved in. She was evicted 2 years and six months later. No payments were made on either houses. Both houses are now on the market. I expressed my curiosity to my county’s code enforcement. Only then did a red flag go up. She was charging homestead exemption on both homes. Illegal. By golly, you can’t withhold taxes from us, but you can screw our communities.
I contacted every group and agency I was directed to. Nobody seemed concerned enough to do anything about it. I had gathered all the information for them. Still not interested.
Tell me who to go to Jim, I’ve probably already been there.
By exenron
July 7, 2006 10:25 AM | Link to this
I think they ought to stake Kennyboy out on a plank like the outlaws of old and let people passing by have a last few words with him. May he burn in hell.
By Ugotta B. Kidding
July 7, 2006 05:16 PM | Link to this
To Earl (3:07pm): Who says money can’t “buy happiness”? It keeps their rich criminal a*******e$ out of jail.
By J & J Ranch
July 8, 2006 12:39 PM | Link to this
Many of you have very good points. Having been born in Atlanta, lived in DeKalb County almost all of my life, I am disgusted with the amount of corruption in the State and County Government.
I have first-hand witnessed mortgage fraud. Hopefully someone has listened and some of the corruption will cease. It begins in the Probate Courts. 1. Starts with an elderly person, (usually one that is believed to have a fair amount of money, they don’t take any of the poor) Department of Family and Children Services decide that there is abuse (which is a lie but try to fight it, you will not win). 2. There is an emergency hearing conducted by the infamous DeKalb County Probate Court. Again, try fighting it, you will not win. 3. No evidence is presented and you are not allowed to present any.
4. It is deemed that the elderly needs a Guardian Of Property (even though the elderly cannot carry on a one to one conversation, they are not given a Guardian of Person) 5. Guardian of Property is also an attorney with a law firm in downtown Decatur, across from Courthouse. 6. The elderly person is taken away from all family, hidden from same. 7. The home owned by the elderly is sold, under questionable circumstances and means. 8. A Guardian Ad Litem is appointed for the sale of the house because the elderly person lives out of state (Marietta, GA 35 miles?) 9. At sale, the Guardian ad Litem signs none of the paperwork, partner in the lawfirm of the Guardian of Property signs all closing papers and Deed as “Attorney in Fact” 10. The home equity loan is not paid off in closing, the loan is with Wachovia (where the investments that YOU, not the elderly owns investments), somehow you get stuck with the debt without it showing as such in you account 11. A day or two from date of sale, the Guardian of Property is suddenly Power of Attorney over the property that just sold. 12. The elderly was taken from her home June 2002, house sold December 2002. On paperwork, the house has changed hands an average of once a year. Guardian still Power of Attorney, no one has lived in house since June 2002, house is still vacant. 13. The property ends up with a mortgage loan, the later foreclosed.
In essence, the Probate Court agrees to sale “estate” homes after the Guardian obtains the Guardian’s deed. The Guardian ends up with the property through Mortgage fraud, straw buyers and or flipping\swapping.
Usually the Guardian manipulates County records and ownership so often, it is hard to trace. Guardian gets away with the crime, pockets a lot of cash. Doing the same to between 5 and 7 different persons a year, comes up to a lot of money. The elderly person dies and although the family has tried wholeheartedly to find the beloved elderly family member, no family notified of death. Even though the death occurred in a “home” after five falls in nine months, the home is never investigated. New Will. Again DeKalb Probate Court, even though death was in Cobb County, there was a Caveat, no matter.
By Brian Head
July 12, 2006 05:08 PM | Link to this
The quality and timeliness of the article are reflected in part by the many good comments. I would only like to point out that, in the present time when there is more information available to the younger generation than ever before, there is also a widening socio-economic gap between (a) those who have access to the massive information and know how to use it, and (b) those with no access or incapable to make beneficial use of it, for whatever reason. And, of course, as many have pointed out, while factual knowledge may be vastly increasing for some, there is also, simultaneously, an notably widespread impoverishment of inner resources. Lack of moral and ethical values on the part of those with material and educational resources leads to increasing exploitation of those for whom such resources are more limited. What is the world coming to? Where are those who can lead the nation, and the world, in a better direction?