Sex, Bribes, Threats, and Forgery

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Sex, Bribes, Threats, and Forgery; In the mortgage biz? What?
Topic Started: 18 Nov 2008, 02:08 AM (41 Views)
Anne Bonny	18 Nov 2008, 02:08 AM Post #1
The Pink Lady Posts: 3,964 Group: Administrators Member #637 Joined: 5 March 2008 Favorite theme: RPA 2: Standard	Ok, I was reading Business Week today (I love it!) and came across the most interesting article ever! Apparently in the world of subprime mortgages in the past few years, things were even sleazier than we imagined. Brokers and wholesalers took the phrase "how low can you go" to a whole new... well... low. Turns out they were trading bribes and sexual favors, making threats, and forging client info to make some of these loans, and sometimes getting millions of dollars in commissions from them! Who says business is boring, huh? I mean really, check out this part of the article. It sounds like a bad porn movie. Quote: A vice-president at Washington Mutual who once wielded $500 million to make loans recalls an incident in which a female wholesaler wanted him to approve a loan that didn't fit guidelines. The manager, who requested anonymity, says the co-worker, wearing a low-cut shirt, knelt down at his desk and said: "I really need this. What do I have to do?" Whoa! And what about this one? Quote: Some wholesalers turned a blind eye to broker fraud too. "I'd walk into mortgage shops and see brokers openly cutting and pasting income documents and pay stubs, getting out the Wite-Out and changing Social Security numbers..." Or how bout a national account directer formerly of Deutsche Bank who says Quote: Sometimes... he "twisted arms" to get more loans. "Nobody had the [guts] to say no..." Apparantly everyone from the FBI to various attorneys are investigating all of this. Can you believe it? As if subprime loans aren't shady enough, huh? For the full article: Sex, Lies, and Subprime Mortgages



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