Monday, October 30, 2006

Shocking story about "Liar Loans" in San Francisco

Did I hear that right? 85%(!) of all loans in that area?

The realtors were pushing it because they made $10,000 on every sale. And the poor debtors are ultimately the ones who are going to pay the price, because falsely stating one's income on a mortgage application is a crime.

The parties involved are going to have to be sorted out between those who intentionally lied on their loans and those that were duped.


teripittman said...

Do you know about this site ? He's the poster boy for liar loans.

OkieLawyer said...

Yep. You can track him even more on the Housing Bubble Blog as there are a few people who are keeping a watch on him.