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FBI is probing 14 companies over loans

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posted on Jan, 29 2008 @ 05:11 PM

FBI is probing 14 companies over loans

WASHINGTON - The Federal Bureau of Investigation on Tuesday said it is investigating 14 companies for possible fraud or insider trading violations in connection with loans made to risky borrowers, and investments spun off of those loans.

Agency officials did not identify the companies under investigation but said the wide-ranging probe, which began in spring 2007, involves companies across the industry, from mortgage lenders to financial firms.
(visit the link for the full news article)

posted on Jan, 29 2008 @ 05:11 PM
wow, let's hope this will bring about a major change in this buy now pay later world.

I hope that these schemes will be uncovered and that anyone innocent becomes much better off than they were before (ie, not having to pay back any debts owed to the possibly corrupt companies),
(visit the link for the full news article)

posted on Jan, 29 2008 @ 05:35 PM
That is what we could hope for, but so far from all the biggest financial institutions in the US link to the subprime mess their CEOs has been allowed to step down and none of them have been call for, to answer any questions.

posted on Jan, 29 2008 @ 05:39 PM
hallelujah there doing there job!

actually treating the big boys the same as everyone else.

keep it up!!

posted on Jan, 29 2008 @ 09:15 PM
Oops-I started up another thread on this. Sorry Extralian.

This is pretty big news. Hopefully they take down all of the companies involved with fraudulent lending. I hope it dissudes others from this type of practice in the future.

posted on Jan, 29 2008 @ 09:20 PM
while I totally applaud the FBI for this investigation
I highly doubt anything becomes of it.
Can anybody remember Enron or Worldcom ???
Funny how all that evidence being used to convict
those 2 were destroyed in WTC7. Highly convenient ??
or intentional ???

The evidence for this will disappear as well, further
earmarking a benchmark of US corruption in
high places. When the NWO wants it gone !!!
It disappears !!!

just wait and see how many people will go to prison ....

posted on Jan, 30 2008 @ 06:38 AM
reply to post by DimensionalDetective

No problem DD... I'm sure I've been guilty of the same thing in the past. Just enforces your memory to check up on stuff before rushing in to things. Look before you leap, as they say.

But I know how you feel. You find some breaking news you'd love to post only to find someone beat you to it by mere seconds.. has happened to me several times.

Anyway, these fraudulent businesses could very well involve people 'higher up' too. Who says you have to be a business to not be involved. After all, it's the higher ups that have more control of the scheme of things than the businesses do.

The FBI would, IMO, be much better off if they actually worked together with the EU whilst looking into such matters, considering when;

The leaders of Europe's biggest economies have called on financial institutions to improve transparency in all their activities.

UK Prime Minister Gordon Brown met his French, German and Italian counterparts at Downing Street to discuss the recent global market turmoil.

The leaders also called on the IMF and other bodies to monitor risks better.

That's two bits of major news on roughly the same topic in the same time frame. Makes you wonder why they are starting to look into this now and have not done so before?

Perhaps it's to do with the possibility that the corrupt have had all the time they needed to remove the fraudulently gained monies and were also able to cover their tracks.
It's plausible that the go-ahead for an investigation as been held off.

Just seems odd to me as to why something like this gets investigated on the brink of a global financial collapse possibly about to go full steam.

In my thinking, as soon as a problem is discovered, someone somewhere should have been looking into it straight away.

The Japanese have a saying. If their is a problem, fix it, then you have no problem.

It seems the West has a big problem and the rest of the world may pay the price for the problems deliberately caused by others who are sat in their little temples of greedy power.

posted on Jan, 31 2008 @ 01:47 PM
Well, it's about they are looking into this!

Loaners, I believe, were giving people the impression that they would be able to afford their mortgages, even though deep down they knew by looking at the persons yearly income and credit card debt and any other financial burdens that there was no way they could afford the payments.

F.B.I. Opens Subprime Inquiry

According to the article,

The FBI has been warning for years that mortgage fraud is a significant and growing problem. In the 2006 fiscal year, it documented 35,600 suspicious-activity reports related to mortgage fraud, up from 22,000 the year before and as few as 7,000 in 2003.

Living in Florida, we watched our town get overwhelmed by developers that just marched north from south Florida just building development after development. The housing industry bottom fell out AFTER they were building here. Now they can't even sell these homes, most are up for rent now.

Florida got hit hard when the bottom dropped out, these developers were building houses in price ranges that were above the norm in this area and the mortgage companies were letting people get loans for them, even if they couldn't really afford it!

Even though the person who signed the papers to buy a home is also at fault, for over extending their financial capabilities, I feel the lenders are really at fault more. They are the "FINANCIAL EXPERTS", it is up to them to ensure that the person they are giving a loan to can AFFORD the payments.

Most everybody wants to own their own home, these lenders were telling people who couldn't afford to that they could!

posted on Jan, 31 2008 @ 01:55 PM
I just have two words to add to this thread... Vanderbilt Mortgage. Wife and I got our Mortgage interest statement a week or two ago and out of a 733 a month payment, only 120 of that actually goes towards paying the house off. It isn't the payment the retailers told us it was going to be, the manufactured home we purchased is wholly worthless by the time the mortgage is still in in infancy, and you absolutely wouldn't believe how they treat people on the phone when you're a month behind. I had one lady calling me a liar at the top of her lungs, and when I told her I would mail a check right away, I was told they didn't take checks and that I was playing games with them. She hung up on me after basically calling me a looser. It was then I realized what subprime really meant.
I never thought in a milloin years I'd hear myself say this, but GO FBI!!!

posted on Jan, 31 2008 @ 02:05 PM
I find it interesting that they would not release the company names, its not like they fall under the Youth protections act or anything....

Either way, I guess its good that something is actually being done. Mind you, I doubt the people at the top, the people responsible, will go down and do any hard time...

But again, at least SOMETHING is getting done.

Edit to add: Twichy, we know your good people. To hell what some mortgage lady said!

[edit on 31-1-2008 by InSpiteOf]

posted on Jan, 31 2008 @ 02:06 PM
And have you seen some of the latest adverts?
There was/is one on Yahoo.

The adverts are pushing for buyers of foreclosed properties.

Knock on opportunity's door and find foreclosure deals.

Yahoo! Real Estate offers comprehensive foreclosure resources so you can explore all your options for a new home.

• Search the largest national database of foreclosures with over 1 million properties.
• Learn how the foreclosure market works with helpful how-to guides and news articles.
• View recent trends in foreclosure activity, including sales and profitability by state.


from yahoo e-mail advert.

posted on Jan, 31 2008 @ 02:10 PM

Originally posted by Extralien
foreclosure market

Good grief what a disgusting conept that is. Forclosure market?

posted on Jan, 31 2008 @ 02:12 PM
reply to post by Extralien

I think those adverts are horribly crass and poorly timed.

People are loosing their shirts and homes, and yahoo is trying to off them as soon as possible.

Talk about capitalizing on peoples misfortunes...

posted on Jan, 31 2008 @ 02:18 PM

Originally posted by welivefortheson
hallelujah there doing there job!

actually treating the big boys the same as everyone else.

keep it up!!

Well, they may be investigated, but whether or not anything happens to them after that is still unknown. White collar crimes don't carry very high penalties. Case in point, "stock broker" who set up a pyramid scheme and ripped off $200 million from his "investors", including little old ladies' life savings... he got 14 years. Probably did less than 10 years. But during the years he was at it, he lived like a king all over the world. I'm sure if you asked him if it was worth it, he'd say sure.

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