If you lied on your mortgage application I will gi

coadie · #1 03-09-2009, 03:19 PM

.give you money or help.

If you lied about your income and balance sheet and bought a home you can't afford, there will be banks that are required to cut your interest or even principle. Since my mortgage was paid off 15 years ago. I will by reason of taxes help you. If you walk in the bank and lie about having a gun, you will still get 15 years for bank robbery.
If you walk in with a loan app that exagerates your income, and have a mortgage, you do still have negotiating power and can get more money by reason of theft.
something wrong with this picture?

rgcraig · #2 03-09-2009, 04:15 PM

Not sure I understand what you are trying to say.

RevDWW · #3 03-09-2009, 04:20 PM

Quote:

Originally Posted by coadie

.give you money or help.

If you lied about your income and balance sheet and bought a home you can't afford, there will be banks that are required to cut your interest or even principle. Since my mortgage was paid off 15 years ago. I will by reason of taxes help you. If you walk in the bank and lie about having a gun, you will still get 15 years for bank robbery.
If you walk in with a loan app that exagerates your income, and have a mortgage, you do still have negotiating power and can get more money by reason of theft.
something wrong with this picture?

There's a little bit of a difference in coercing (robbery) a bank to give you money and filling out a form falsely that the Bank has the ability to turn down if they investigated your claims. Neither is ethical, but there is a difference.

coadie · #4 03-09-2009, 05:37 PM

Quote:

Originally Posted by RevDWW

There's a little bit of a difference in coercing (robbery) a bank to give you money and filling out a form falsely that the Bank has the ability to turn down if they investigated your claims. Neither is ethical, but there is a difference.

Thou shalt not steal covers both.

They also have an ability to not give money to the armed robber.

pelathais · #5 03-09-2009, 06:00 PM

Quote:

Originally Posted by coadie

.give you money or help.

If you lied about your income and balance sheet and bought a home you can't afford, there will be banks that are required to cut your interest or even principle. Since my mortgage was paid off 15 years ago. I will by reason of taxes help you. If you walk in the bank and lie about having a gun, you will still get 15 years for bank robbery.
If you walk in with a loan app that exagerates your income, and have a mortgage, you do still have negotiating power and can get more money by reason of theft.
something wrong with this picture?

You are correct about that picture... However there are some home owners who are "underwater" with their loans due to the unprecedented drop in values (deflation) in many parts of the country - this has endangered their mortgages, really through no fault of their own.

And there are many other different circumstances. I wouldn't say that everyone who is in trouble now is guilty of "theft" or wrong doing. Sure, there's plenty of that. But I think most folks who are hurting are just plain hurting and not "bad guys" who tried to defraud a bank.

Sam · #6 03-09-2009, 06:57 PM

There is more to it than lying on an application.

And as far as lending institutions turning down those that they felt were not qualified, there was lots of pressure to grant loans to minorities who were not qualified because the government would back the loans.

Also, homes were artificially appraised higher than their value and loans were given out that were for greater amounts than what the property was really worth.

There was a lot of "politics" involved over the years that had a lot to do with the present crisis.

pelathais · #7 03-09-2009, 07:04 PM

Quote:

Originally Posted by Sam

There is more to it than lying on an application.

And as far as lending institutions turning down those that they felt were not qualified, there was lots of pressure to grant loans to minorities who were not qualified because the government would back the loans.

Also, homes were artificially appraised higher than their value and loans were given out that were for greater amounts than what the property was really worth.

There was a lot of "politics" involved over the years that had a lot to do with the present crisis.

True dat. Freddie Mac and Fannie Mae introduced market pressures that forced up the cost of housing - in the name of making home ownership more available. When they collapsed it started this whole mess.

Of course they didn't collapse until after Franklin Delano Raines had written himself a check for $50 million dollars out the Fannie Mae account. Raines was Obama's "Housing advisor" during the 2007-2008 campaign and election and the CEO of Fannie Mae. Raines was also chairman of the Security and Exchange Commision - Wall Street's "watchdog" up until 2004 ... oops! bad attitude! bad attitude...

Sam · #8 03-09-2009, 07:07 PM

Quote:

Originally Posted by pelathais

...
Of course they didn't collapse until after Franklin Delano Raines had written himself a check for $50 million dollars out the Fannie Mae account. Raines was Obama's "Housing advisor" during the 2007-2008 campaign and election and the CEO of Fannie Mae... oops! bad attitude! bad attitude...

Is he also the one that was Barney Frank's lover?