Mortgage Fraud & Scams Too Easy

"Fraud Seen as a Driver in Wave of Foreclosures" shouted a headline in December 21, 2007's Wall Street Journal. The inset just below that headline reported Bear Stearns just posted its first ever quarterly loss. Yes, Bear Stearns, investment giant, lost $6.8 million to one Atlanta mortgage fraud ring led by a 23 year old black college drop-out name Gregory Jerome Wings.

One of the participants in the fraud ring, Calvin Wright who posed as a buyer with good credit and high income, said through his attorney after pleading guilty to fraud "It was so easy, it's incredible."

BankFirst lent the same fraud ring $4.9. Their spokesperson said they don't look for fraud. But as soon as those same lenders decided to sell off mortgages as securities, perhaps they should have instituted a fraud department! As I've said before, you not only can't trust your lender, you can't trust anyone else either when there's this much money involved!

Another attorney is being threatened with 30 years in jail. The rich guys don't like being scammed. If a criminal killed somebody, or even several people, he would probably get off in a few years. (I say "he," because our system doesn't like women murderers.) But financial abuse, unless it's Neil Bush or someone like that, Ka-Boom! Throw the book at them. Make them pay for the whole ding-dang-diddly mess! (Well, except for the guy in New York who got only 1 day in jail for a $19 million scam!)

The one thing you don't see much of is people taking responsibility for their actions and admitting their greed should get its just desserts.