Fraud Investigators Brace for Arsons from Subprime Mortgage Crisis

December 3, 2007

  • December 4, 2007 at 1:01 am
    N. Judge says:
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    Interesting take but we KNOW that any people are capable of any thing. And let’s not forget Tywanna Brawley. But really that is just not the point. This issue of subprime lenders and all of the people out there who live in homes where they put little to nothing down, the home depreciates and they’re left with these mortgages they couldn’t handle if they ate crackers for every meal and turned in their cars for bikes. Do we want government bailing them out? The very people who scream for small government will want to be bailed out of their own greed. If people didn’t buy houses they couldn’t really afford, they wouldn’t be in drive to desperate measures.

  • December 4, 2007 at 1:04 am
    N. Judge says:
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    Pardon the typos below. They wouldn’t be driven to desperate measures such as burning down their own homes.

  • December 4, 2007 at 1:46 am
    Dustin says:
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    Agreed. I feel that the subprime meltdown has been a product of some predatory lending; however, we must all take responsibility for our actions. If you make 75k a year, it might not be a good idea to buy a 500k house. My wife and I make good money, but we live in a modest house. Sure, I want a 2 car garage, kitchen with granite counter tops, stainless steel appliances, 2500 square feet, and all the great things that several people who live just down the road from me have. The reality it, at this point in my life, I can’t do that. My wife and I made a conscious decision to not work to make a house payment, or have a house we can’t afford. Just because the bank can give you the loan, doesn’t mean you should take the loan!

  • December 4, 2007 at 1:54 am
    Compman says:
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    Reggie, I hope your comments were sarcasm as if they weren’t, you need to pull your head out of the sand. Just because you might be the same color as someone, doesn’t mean they are not guilty of a crime.

    As for these poor people who are thinking of torching their homes, if you hadn’t bitten off more than you could chew from the beginning, you would not be in this predicament. I know people in my neighborhood who make less than half I make and bought twice as much house as they could afford. Stupidity should not be rewarded.

    If you couldn’t understand the contract, you shouldn’t be buying a house.

  • December 4, 2007 at 1:56 am
    Dustin says:
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    I think he means Reggie as in Reggie Jackson. I too was worried at first, but I think he meant it sarcastically.

  • December 4, 2007 at 2:01 am
    Saints Fan says:
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    As I might have stated before, we all might not like the notion of bailing people out but I would rather bail fellow Americans out than Iraqis that hate our guts anyday…and North & South Koreans, the Afghans, the Pakistanis, etc., etc.

    I also agree with not taking on more than you can afford but personally speaking, having to wait on Road Home and insurance funds at one point is exhausting and I have a great paying job (now!) with a great interest rate. Thing happen to people – natural disasters, lay-offs and not matter how much you save or how much fortitude you THINK you have, lose everything due to the above and see what happens. You can all the money in the world but at the end have only a piece of a mind while trying to get things back together again. Sam White was desperate and stupid and I am sure there are other cases where people have committed despicable acts too. I think sometimes the IJ zeroes in one case that can cause an incendiary reaction and stir up a debate that doesn’t need to occur in the first place and then again most times people like to look for smoke where there’s no fire too.

  • December 4, 2007 at 2:20 am
    Compman says:
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    Sorry Saints Fan, I do not agree with a govt bailout. Now as far as the negotiations to freeze the rates for 12 months for current up to date homeowner’s, I say ok for that as it is not govt money. What is to stop these people from doing it again if they are bailed out. No pain, no gain. Plus, a lot of these forclosures are speculators and not from sub prime loans. Everybody thinks this whole forclosure issue is about sub-prime lending. Well, there is plenty of regular loans going bad too from people who just bought more house they could afford. They were betting on appreciation and the ability to flip the house because if they were going to keep it past 3 years, they knew perfectly well there payments would go up.

  • December 4, 2007 at 3:20 am
    N. Judge says:
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    One of the problems with bailing people out is that they are rewarded for their avarice. If you were conservative and didn’t buy all of the house that some lender would afford you, with a bail out the irresponsible buy is in better shape because the government helps him stay in a better house. I’d prefer to help the people who are in trouble through no fault of their own – catastrophic loss, major uncovered healthcare issue with no income for a lengthy period of time – before I’d help someone who just bit off more house than they could pay.

  • December 4, 2007 at 4:46 am
    Reggie says:
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    This is not being sarcastic and no my last name is not Jackson. You must think all African American people have the last name Jackson. I don’t have time for you.

  • December 4, 2007 at 4:55 am
    Compman says:
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    Wow, just wow. Think about it. If there was any inkling of a set up or any way to spin a set up of this black man, the “justice brothers” Jesse and Al would be jumping on this in a heartbeat to line their own pockets. There absence pretty much proves this guy is guilty. This is no different than a white jewish guy painting swatstikas on his walls to make people think it was a hate crime. If the black population wouldn’t cry racist all the time and take responsibility for their actions, maybe you would get a fair shake.
    By always claiming “them man” is keeping you down, you only emasculate yourselves.



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