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gangbangers and whitecollar crime

phragle

phragle

Charter Member
was just watching niteline... in san diego they have busted several gangmembers who were running real estate scams. an example is that they would find a house for sale for 499K have it appraised by an accomplice for 600k, then get a 600k no down mortgage and split the 200k proceeds, then never making a single payment.

The gangbangers have discovered that mortgage fraud is much more profitable than selling drugs.
 
phragle said:
was just watching niteline... in san diego they have busted several gangmembers who were running real estate scams. an example is that they would find a house for sale for 499K have it appraised by an accomplice for 600k, then get a 600k no down mortgage and split the 200k proceeds, then never making a single payment.

The gangbangers have discovered that mortgage fraud is much more profitable than selling drugs.
Click to expand...

Just saw that.....they'l be out tomorrow
 
not to mention, you take a few million white collar and you get a year or two, sell 20 bucks worth of crack and the penalties are much more severe....
 
phragle said:
was just watching niteline... in san diego they have busted several gangmembers who were running real estate scams. an example is that they would find a house for sale for 499K have it appraised by an accomplice for 600k, then get a 600k no down mortgage and split the 200k proceeds, then never making a single payment.

The gangbangers have discovered that mortgage fraud is much more profitable than selling drugs.
Click to expand...


Season 3 of The Sopranos
 
This has to be coming to a grinding halt as the banks are now requiring much larger deposits again and high credit scores.
 
phragle said:
was just watching niteline... in san diego they have busted several gangmembers who were running real estate scams. an example is that they would find a house for sale for 499K have it appraised by an accomplice for 600k, then get a 600k no down mortgage and split the 200k proceeds, then never making a single payment.

The gangbangers have discovered that mortgage fraud is much more profitable than selling drugs.
Click to expand...

Still think the only way to permantly stop this crap is to put the loan approvers in jail for fraud. They cannot be so stupid as to think this is a good loan risk.
 
They just sentenced a ring of Haitians here in FL for the same thing. The broker was the daughter of a local realtor and when someone questioned her about these Haitians buying million dollar homes she said I know want to know about it and processed the loans. They had grocery cashiers signing for million dollar homes with the money being made on the bogus transaction and not one payment being made to the lender.

Funny thing was the Haitians made millions (got 5-8 years each) and the mortgage broker/title agents made less than 300K and got 3 years. The brokers/agents even had to pay taxes on the revenue so their net was even less so in this case the Haitians were smarter!
 
the scams will change with the times, but the only way I see to really put a dent in it is to treat white collar crime like any other crime with real prison terms. If conviceted of some kind of scam /fraud in excess of one mill. should be a mandatory life sentence. there is no deterent when you can make an incredible amount of money and see at most a 2 to 5 year sentence, and with good behavior in a min security prison actually serve 9 months to 2 years. when you consider the medien income is under 50k a year. you scam 3/4 mil. stash it..get caught, spend 18 mo.s in jail, your still WAY ahead of the average worker. This makes the crime a wise investment even if caught.
 
phragle said:
was just watching niteline... in san diego they have busted several gangmembers who were running real estate scams. an example is that they would find a house for sale for 499K have it appraised by an accomplice for 600k, then get a 600k no down mortgage and split the 200k proceeds, then never making a single payment.

The gangbangers have discovered that mortgage fraud is much more profitable than selling drugs.
Click to expand...



how does 600k minus 499k give you a 200k profit? wouldnt that be more like 101k?
 
phragle said:
the scams will change with the times, but the only way I see to really put a dent in it is to treat white collar crime like any other crime with real prison terms. If conviceted of some kind of scam /fraud in excess of one mill. should be a mandatory life sentence. there is no deterent when you can make an incredible amount of money and see at most a 2 to 5 year sentence, and with good behavior in a min security prison actually serve 9 months to 2 years. when you consider the medien income is under 50k a year. you scam 3/4 mil. stash it..get caught, spend 18 mo.s in jail, your still WAY ahead of the average worker. This makes the crime a wise investment even if caught.
Click to expand...

Agreed; string 'em up or plug'em in. Enough already.
 
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