0
0

Authorities Cannot Shut Down 'Fake Appraiser Operations' in Chicago


 invite response                
2006 Jun 8, 4:17am   12,135 views  229 comments

by HARM   ➕follow (0)   💰tip   ignore  

Chicago appraisers

We've discussed garden variety "hit the numbers" appraisal (and mortgage) fraud here in numerous threads. I'm also well aware that appraisers didn't CAUSE the bubble, nor are they even on the top 10 list of bubble causes --see "Housing Bubble Pre-Flight Checklist" thread. Even so, this article (thanks to Ben Jones for first posting it) has to take the cake for most egregious, "in your face" fraud I've seen to date.

Apparently, you don't need to have appraiser credentials of any kind in Illinois, nor can you even be prosecuted for practising without a license or committing fraud. Wow.

Appraisals Part of All Fraud Loans
by Lew Sichelman

"...Emblematic of the scope of the mortgage fraud problem throughout the country is what's going on in Illinois, where three out of ten appraisals are found to be forged, according to Robert Gorman, an East Hazel Crest, Ill., appraiser. "That's a significant number," he told the meeting. "And that's only the ones we know of. Who knows what we don't know?"

Gorman said in some cases, appraisers who have had their licenses lifted continue to make valuations using someone else's identification. They swipe the names from class rosters, loan files, and even industry websites, he said.

In other instances, he also said, the "appraisers" were never licensed at all, and are part of a larger scheme to fleece lenders.

Gorman told of one crew of 13 fake appraisers who are working out of a factory on Chicago's South side. The authorities would like to shut down this appraisal factory, he said, but they can't. "They're not licensed, so there's nothing we can do," he said. "So they are still there."

Discuss, enjoy...
HARM

#housing

« First        Comments 59 - 98 of 229       Last »     Search these comments

59   surfer-x   2006 Jun 9, 5:03am  

Senor El HARM, I think you meant my arrogant fiend

60   HARM   2006 Jun 9, 5:07am  

@Surfer-X --yes!
Must have been a typo, my bad... :lol:

61   surfer-x   2006 Jun 9, 5:07am  

The current price of my house and the price of my co-worker’s house are not beliefs, they are facts.

Sure asshole, I'll bet you, put your house on the market and see what it brings. Facts? Seemingly you wouldn't know a fact if it reared up and bit your wife's fat ass. Go back to counting your paper gain and quit wasting people's time. I bet Face Realty and HaHa would like to cuddle with you, but franky your blather really just annoys me.

Crapatino, get a life homeboy. It's a shithole and you are a sucker.

62   surfer-x   2006 Jun 9, 5:08am  

In America, we have the freedom to do whatever we want with our lives, disagreement does not necessarily mean that either side has to be wrong…:p

Sorry FakeP, you are right. I am a little over annoyed at housing.

63   Peter P   2006 Jun 9, 5:10am  

Crapatino, get a life homeboy. It’s a shithole and you are a sucker.

There are schools in Cupertino. Students can graduate from the top-notch high school directly to De Anza college, all without leaving town.

64   DinOR   2006 Jun 9, 5:10am  

HARM,

What so many bulls fail to understand (and sometimes I think all they understand is "my property increased in value") is that SO much of what we stand for is at least putting forth our best efforts toward seeing a broken realtor model and defective tax system put to rights. If we do away with the "24 Month Club", open the MLS, make lenders eat their own cooking, get appraisers on the straight and narrow, stop giving away free money to anyone that can "fog a mirror" and housing prices STILL rise we have done our job! (Now I seriously doubt RE can withstand ONE of those blows let alone ALL of them) but we'll have done what's right for the future of the country and our children. But I guess when you got YOUR big fat stacks of cash, who cares!

65   surfer-x   2006 Jun 9, 5:13am  

Students can graduate from the top-notch high school directly to De Anza college

Last time I checked De Anza was a second rate Jr. College, AKA, High School v2.0

66   Peter P   2006 Jun 9, 5:15am  

Last time I checked De Anza was a second rate Jr. College

Stanford is a Jr. University. :)

67   surfer-x   2006 Jun 9, 5:20am  

The thing that most of the SuperSavvy Buffet Jrs out there fail to realize is that there is a very large base of folks who refuse to participate in the "my house is worth _____" crap. Believe it or not, and I know it is asking something that the SuperSavvy Buffet Jrs simply cannot do, there are many many of us that do not view the house as an investment and simply want a nice place to live. A few very greedy stupid folks are really trying their damnest to make life sucky for those of us who do not want to move every 2 years to capture our investment cash.

Again, Crapatino? Come on now, seriously. I feel anyone who would pay over 350K for a house anywhere in crapatino should really get an MRI because a tumor most surely is in the ol noggin. Wow, I am still taken back with the enamour of Crapatino, why not just move the the Alamaden section of San Hosebag, or Willow Glen, so you can tell people "I live in Alamaden or Willow Glen" when really you just live in San jose. For the record, what is the difference between Crapatino and San Hosebag again? Los Altos maybe, SF maybe, Woodside sure, but Crapatino? Put the bong down my fiend, a boomer needs it.

68   DinOR   2006 Jun 9, 5:21am  

Robert Cote'

You're excused. Good stuff Robert!

69   surfer-x   2006 Jun 9, 5:23am  

But I guess when you got YOUR big fat stacks of cash, who cares!

DinOR it is about time you woke up and smelled the bong water.

70   Randy H   2006 Jun 9, 5:44am  

Fake P,

If I go by Zillow, the home I sold in '05 is back to 1999 levels and falling fast. That's the problem with Zillow, its method appears to suffer from over-weighting on comparables-trending. Since there are so few data points (usually less than the 30 needed for statistical sample size viability), any extrapolation of trends from averaging comps is overly volatile. It probably overstates both up and downswings, and it entirely ignores stickiness. Houses are not stocks.

And on that point: no one has earned any return on anything until they sell, refi or HELOC their house. I owned some Webvan stock and for a while it "returned" about 300%. By your own argument these people should sell their houses and lock in their gains now...that's the problem with treating homes as investments. Investments aren't places you live, they are cold, heartless financial optimizations.

71   Peter P   2006 Jun 9, 5:46am  

The employers of and the employees that are here illegally need to start payin the share of an unruly tax burden.

Absolutely.

I support the guest worker program but crime must not pay!

72   Peter P   2006 Jun 9, 5:54am  

People are either earning potential or useless

I agree.

73   HARM   2006 Jun 9, 5:57am  

Well said, DinOR --thanks from me too.

74   Peter P   2006 Jun 9, 6:04am  

Amnesty Yes! We must have amnesty, we have no choice. Regardless of practicality I’m still all in favor of amnesty. We all understand amnsety right? Not what the politicians are trying to call amnesty but real amnesty. Amnesty is forgiveness for past crimes. Let’s do this now. I don’t care how you got into my house, I don’t care why you broke in. I just don’t care. I forgive you, now get out from this moment on I shall enforce the existing laws. Amnesty for bank robbing doesn’t mean you can keep robbing banks.

Even this form of amnesty is not right. Actions have consequences. However, this form of amnesty is more tolerable and is likely to be a practical solution.

75   HARM   2006 Jun 9, 6:08am  

And on that point: no one has earned any return on anything until they sell, refi or HELOC their house. I owned some Webvan stock and for a while it “returned” about 300%. By your own argument these people should sell their houses and lock in their gains now…that’s the problem with treating homes as investments. Investments aren’t places you live, they are cold, heartless financial optimizations.

Exactly. And those who bought in recent years using "creative" loans --especially 2004/2005-- expecting all those "in the bag" profits Fake P/Face Reality feel are their inviolate, God-protected rights are going to require a generous application of K-Y when they want (or need) to sell.

76   surfer-x   2006 Jun 9, 6:10am  

God-protected rights are going to require a generous application of K-Y when they want (or need) to sell.

I believe astroglide is the lube of choice for the debtors.

77   surfer-x   2006 Jun 9, 6:15am  

HARM, it's all about the profits, why you so bitter Bro? Come on, give up that dream of having a family and living in a house until you feel like leaving. Get the NAAVLP and buy boy buy. Come on, wouldn't a nice H2 assuage the pain just a little?

ahahahahhahahahaha

78   DinOR   2006 Jun 9, 6:15am  

Don't show me anything built or bought in 2004/2005! For those sellers (even when purchased in bulk) KY can start to run into money!

79   HARM   2006 Jun 9, 6:16am  

@Robert,

"undocumented withdrawl"
"folding letter opener"
"undocumented test drive"
"undocumented disability"

Hilarious! I hope you can make it to X's place for the 4th of July party.

80   DinOR   2006 Jun 9, 6:25am  

Randy H,

Are you serious? Your former home is back to 1999 price levels? Whoa, speaking of market psychology, I reserve the right to change my mind and am now revising that to:

Don't show me anything built, bought or re-fi'd after 199.........8!

What may interesting to see given that apparently very few of us remember the lessons of the tech bubble on the buy side, let's see how many of us steer clear of buying during the RE crash. Considering the NASDAQ is still less than half it's former high it may take years to get people back in the buying mood where RE is concerned, let alone ferverous.

81   HARM   2006 Jun 9, 6:37am  

@Robert Coté,

I'm sure your "yard ape's" are welcome at Mr. X's. They'll give Joe Schmoe's kids someone to play with.

82   HARM   2006 Jun 9, 7:14am  

My kids are radioactive I wouldn’t want to expose them to others without releases. Example; despite being members of that breakawy sect known as Catholics they perform an annual play of the Plagues of Egypt at our friends’ Passover observance. It may be unfair to let them out in the general population without more controls.

:lol: thanks for the precaution

83   FormerAptBroker   2006 Jun 9, 7:55am  

Robert Coté Says:

> Did you know that BART paid $22m for electricty last year and
> is paying $40m this year?

Did you know that BART has a "marketing team" that all make close to a Ha Ha a year for maybe 30 hours a week work...

84   surfer-x   2006 Jun 9, 8:41am  

What if I’m a jerk or worse drink all the good beer which may be the same thing?

Sorry that job is already taken, I am a jerk who drinks all the good beer and then hits on all the women. Finally I pass out to dreams of 30% in the bag returns, HaHa Fake P Face Realty and I cuddled and I wake contented.

85   surfer-x   2006 Jun 9, 8:48am  

(Alexandra 15), rug rat’s (Lauren 12) and ankle biter’s (Julia 6)

For the love of god Sir please tell me you at least have a male dog or cat.

86   skibum   2006 Jun 9, 9:59am  

Okay, the anal intrusion jokes aside, the point I was trying to make many, many posts ago on this thread was that yes, there are forces likely to keep BA prices from crashing as hard as, say SD, FLA, or Vegas, but there are also countering forces that make this place more vulnerable, including the huge portion of recent buyers with non-traditional mortgages, the reliance of the job market in this area on a sector that is outsourcing in a big way, and the mere fact that with most every other downturn, the BA has dropped along with everyone else.

87   Peter P   2006 Jun 9, 10:19am  

My wet dream would be the same as HARM’s, but with an added nipple-twist: “Retroactively”. i.e. you booked it, then you’re stuck with the liability even if you peddled it to a sucker…

My wet dream: all-you-can-eat lobsters, good lobsters.

88   surfer-x   2006 Jun 9, 10:38am  

If you hate hippies and move to Asheville, you’ll hate it also

I hate hippies, go i guess Asheville is out for me.

to quote Cartman, "hippies want to change the world but all they do is smell bad and annoy people".

89   Allah   2006 Jun 9, 10:39am  

Patrick is a little paranoid about this net neutrality thing. He thinks bing companies like verizon are going to take over and his site going to be kick off the internet! There are just too many people that won't let that happen! What do you people think? Perhaps another thread is needed.

90   surfer-x   2006 Jun 9, 10:40am  

Whoops, cartman miss quote

should be

I hate hippies they say they want to save the planet, but all they do is smoke pot and smell bad

91   skibum   2006 Jun 9, 10:42am  

Peter P Says:

My wet dream: all-you-can-eat lobsters, good lobsters.

Too bad you weren't born a Yankee in the 1800's who got sent to jail - you'd be stuffed with lobsters so much b/c they were ultra cheap, that they eventually had to pass a law forcing prisons to serve prisoners other foods.

92   skibum   2006 Jun 9, 10:45am  

SFWoman Says:

Oh, we have recruiting Jews here. The Jews for Jesus have an airplane with lights on the bottom of the wings that spell out ‘Jews for Jesus’ that they fly around SF at night.

Have you seen that storefront on Clement in the Richmond for "Jews for Jesus"? I've been wondering what the heck that was for years now. Thanks for the enlightenment. Talk about a bizarre subculture.

93   surfer-x   2006 Jun 9, 10:51am  

Oh i loves me some Jeebus, fuck come to think of it, a 2000 year old cult is a perfectly valid way to lead one's life. The thing is most "christians" i've met are the biggest hypocrates. Go figure.

But love Jeebus nevertheless.

tinyurl.com/2a5vv

94   HARM   2006 Jun 9, 10:52am  

@SP, SFWoman & LILLL,

Yes, we've had a number of discussions in the past about the Bible-belt/obnoxious proselytizers "thing", and I've personally had a few with the wife as well.

I agree that it's a valid concern for us Godless west coast fornicating L-I-B-E-R-A-L-S (meaning anyone culturally to the left of James Dobson) IF you're thinking of moving to a rural area in the deep-deep South (banjos anyone?). However, as someone who has actually lived in the South and has the bulk of my family there, I can reassure you that they don't pillory and/or roast socially progressive-thinking CA transplants in the town square (usually). :-)

WW2 can probably explain it to you better than I, but living in a major city in the South (Atlanta, Raleigh, Nashville, Richmond, etc.) is a lot like living in a big city anywhere else in the U.S. Yes, the overall culture/political make-up trends markedly more conservative/religious, but even so, it's no problem finding a community of transplants and/or Southern social progressives like yourself. You will adapt, go to work, socialize and spend time with your family just like like you do here. Oh, and most of the big cities have theaters, operas, arts, coffee houses and live music too.

Don't be too scared by the ghosts with the pointy hats they always show on tv! :-)

95   FormerAptBroker   2006 Jun 9, 10:55am  

SFWoman Says:

> Oh, we have recruiting Jews here. The Jews for
> Jesus have an airplane with lights on the bottom
> of the wings that spell out ‘Jews for Jesus’ that
> they fly around SF at night.

Jews for Jesus are not really "Jews" they are Jewish people that hate their Jewish parents. I know two kids from the peninsula that are involved with J4J and both of them hate their parents in a big way (one even changed his Jewish first and last name)...

P.S. I've seen the Jews 4 Jesus van, but I've never seen the plane...

96   HARM   2006 Jun 9, 12:19pm  

The amazing thing is…they’re originally from Kalifornica. Figures. A$$holes.

This does not suprise me one iota. Probably trustafarian Boomers too.

97   surfer-x   2006 Jun 9, 1:52pm  

note? sure.

LILLL, LILLL, LILLL, As if life isn’t hard enough trying to feed my little family. Put a roof over their heads. Your point is well taken, but I don't think you're headed to the soup lines quite yet.

98   HARM   2006 Jun 9, 1:52pm  

He?

I think he was referring to your son.

« First        Comments 59 - 98 of 229       Last »     Search these comments

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions   gaiste