| trongv
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Registered Jun 16, 2008
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trongv's most recent comments:
- On 16 Jun 2008
in
Dream House,
trongv said:
Hi, nothing relate to this topic, but relate to housing. One guy I know, he just did a scam with a bank, he and his appraisal pump up the price of his house 200k from the current market price (his house worth 800K, the appraisal 1milion), then he did home equity loan (heloc) 150K. After he got the loan, he foreclose his house. The question I have is how stupid is the bank? How could they not verify such thing? And one thing, they guy I know says that the reason for the bubble was part of the bank's fault. They never check any documents, any loan broker can fake a document and work with the approval, even janitors can have 600K of loan to buy the house.
As bank's stock holders, I really want report those scams to those stupid CEOs, make sure they do internal investigation and tighten up their internal process.
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