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.

2 comments:

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.