David Saks: Page After Page of Disturbing "Links" Involving Recent Real Estate Fraud Cases, Prosecution, The Crimes, Their Victims, and Their Outcome

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Page After Page of Disturbing "Links" Involving Recent Real Estate Fraud Cases, Prosecution, The Crimes, Their Victims, and Their Outcome

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David Saks

Time&Temp Memphis

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Comment balloon 7 commentsDavid Saks • August 30 2011 07:56PM


People forget what they learned on the test, and often get caught doing things they are not even aware are against the law, and of course that greed thing gets in the way...

There are also witch hunts where federal agents will come looking - so Agents beware, and make sure you are doing the right thing every day.

Posted by Robert Rauf (HomeBridge Financial Services (NJ)) over 8 years ago

Not just federal agents - in Washington State the State Department of Financial Institutions has straw buyers in the field, and we just saw a notice about a group trying to hire peopl to test how well Loan Officers obey the non-discrimination (based on national origin) laws.

Posted by Steven Cook (No Longer Processing Mortgages.) over 8 years ago

I am not surprised by any of this.  I would expect that now that mortgage loan originators can be tracked  as an individual we will see more of this accountability.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 8 years ago

As Willie Sutton said when asked why he robbed banks...."that's where the money is". 

REO's, short sales, mortgage fraud...that's where the money is today.

Posted by Howard and Susan Meyers (The Hudson Company Winnetka and North Shore) over 8 years ago

Thank you for your comments, Robert, Steven, Kathy, Howard and Susan.

Posted by David Saks ((retired)) over 8 years ago

The problem was caused by the Big Banks, the Wall Streeters, and the Federal Government of Washington, DC.

But they have to blame someone else...  So they will round up the usual suspects, and trot them out before the public.

Posted by Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 8 years ago

The problem was caused by the blatant increases and fraudulent misrepresentation of fair market value of residential and commercial property by county and municipal tax assessors throughout the nation, and began in 1999, for the purpose of gaining more tax revenue without having to ask for tax rate increases.

The phony, fraudulent increases created the illusion in the minds of property owners that they had more equity and could run to the banks to cash in or sell.

The banks picked up on the frenzy quickly with creative, deadly products in the sub prime and adjustable rate arena.

It was the same as printing money without collateral to back it up.

I know what happened, did my homework and saw this greasy fraud begin to play out twelve years ago. I predicted this calamity way back then, Fred, warned everybody, they did nothing, and still don't believe it. 

They want to point fingers at everyone else who played a part in the disaster, and have miserably failed to see the real brains behind it all.


P R O P E R T Y   A S S E S S O R S !!!!!

IT WAS AN EASY, SMOOTH, PSYCHOLOGICAL CON....Psycological because property owners thought they were getting something for nothing (artificially increased equity based on the fraudulent misrepresentation of fair market values) like gamblers do when they win, while ad valorem coffers were swelling with additional government revenue, the product of these phony assessment  values.


Posted by David Saks ((retired)) over 8 years ago

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