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COMMENTS:
Voted : Yes
I used to work for a mortgage company.
Any information the customer submits to the mortgage company has to be verified. Income, other assests, utility payments, bank statements, employment, etc.
If a mortgage company submitted a loan without verifying everthing on the application, they're either not doing their job or are just plain shady.
One mortgage company I worked for was totally by-the-book, yet the other one was keeping two sets of books and submitting loans that I didn't approve. I only worked at that company for six weeks and quit because I refused to keep two sets of books.
^The one company I worked for wouldn't touch any loans applications from a certain zip code in Cleveland. They said there was too much fraud going on in that area, and that was before this mortgage scandal even happened.
Voted : Maybe
it depends on how they were encouraged by the lender. but then there were enough nina loans (no income, no assets) and ninja loans (no income no job, no assets) and you really didn't even need to lie on those.
most of the blame should be placed on those trading these loans, and structuring them to look like they were sound investment to wall street. they are the true criminals guilty of fraud.
by LCD on Thu Sep 25, 08 12:24pm
[+]
Voted : Maybe
When I tried to buy a house two years ago, my own mortage lender falsified my wage on the forms, not me. Other things happened too that made me hold off buying at the last minute. The mortage lender GUARANTEED the value of the house would increase three-fold within a year. Too many red flags. I'm so glad I didn't buy.
I am very astute and I saw he was falsifying my wages. If I had been so aware, I would not have known. I didn't like it at all. It made me feel icky. The lender told me that it is typical for lenders to falsify wages so that lower income people can get a home. I have a hunch some of these people were railroaded into buying a too costly home like this guy tried to do to me.
If it can be proved a buyer falsified wages to the lender, then possibly..... But if it can be proved the lender falsified the buiyer's wage, as mine attempted to do, then the lender should get the same.
Voted : Maybe
Many of these folk were innocently sitting there allowing the real estate agent or whoever was preparing the loan application to fill it out and they may be guilty of not quite understanding what they were signing or were willing to go along with a little "fudging" in order to qualify for the loan, or being misled on how much it would cost them in the long run. Those who clearly were unqualified should not have ben able to secure a loan in the first place. Then, there were the "flippers" and those trying to make a quick buck who were willfully lying to get approved... it would have to be on a case by case basis and probably not worth the cost of pursuing since the rule of home buying is simple, you pay, you stay, you don't you won't... and theoretically the bank can resell the property to recoup their money...
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