Mortgage Fraud And The Big Short By Starring Christian Bale And Ryan Gosling

Michael Hudson tells the stories of victims with many compelling storied who were tricked into signing up for risky high-cost loans, as well as the greedy lenders who scarified the lives of their victims to gain as much money and power as they could. Hudson begins his story with an explanation of deregulation and the resulting emergence of subprime mortgage lending firms in California. Roland Arnall was a pioneer of the S&L industry, and Hudson traces how Arnall’s lending operations grew into the nation’s biggest subprime lending empire, Ameriquest.

     The real estate industry is thriving with approximately sixty-eight percent of all Americans being homeowners. With low interest rates, 1st time home buyer down payment assistance programs, and government funded educational opportunities (i.e. the Home Ownership Center of Greater Cincinnati), the real estate and mortgage lending industries will continue to flourish. However, there are some unethical lending practices that are threatening the housing industry as a whole.

Mortgage fraud is bank robbery without a gun. 1 It is a high-yield, 2 low risk enterprise that has been reported in all 50 states, Puerto Rico, Guam, American Samoa, 3 Canada, 4 New Zealand, 5 Australia, 6 and England. 7 In the United States, it is committed by organized international and domestic rings, 8 street gangs, 9 terrorists, 10 drug traffickers, 11 real estate agents, 12 closing attorneys, 13 appraisers, 14 mortgage brokers, 15

In the lead up to the current recession, when the real estate market began to fall, there were so many investors shorting stocks and securitized mortgage packages that were already falling, that the market simply fell further. There were no buyers at the bottom, and the professional investors made millions off of the losses of others. Beyond this, there was no real federal regulation for securitized mortgages, since there was no real way to gauge the mathematical risk of any given package. This allowed the investors to take advantage of the system and to short loans on real people’s homes. Once these securities were worthless, many of the homebuyer’s defaulted on their mortgages and were left penniless. No matter from which angle this crisis is looked at, the blame rests squarely with the managers who began the entire cycle, the ones who pursued the securitization of mortgages. Their incompetence not only led to the losses of Americans who have never invested in the stock market, but to losses for their shareholders.

Low interest rates and the ease of borrowing money are two primary causes of the current recession. In 2007, 37% of the total home mortgage loans were considered a “liar loan” because the mortgage lender did not evaluate income or assests (Russo, Mitschow, & Schinski, 2015). The Federal Government sought to encourage home loaners to loan to risky homebuyers and they kept low interest rates for far too long. During this time mortgage brokers began selling home mortgage loans rather than a commercial banking system. They were not subject to the scrutinized federal regulations, and lent money to many individuals who were unable to afford the homes that they were buying. Many people overestimate their ability to pay debt, resulting in them buying expensive homes because they were approved regardless of their credit or income. The crisis occurred when homes values dropped due to the ability for individuals to buy expensive homes, which resulted in people owing more on their homes than the value of the house. It was nearly impossible for people to make a profit when selling their homes, so many homeowner’s felt that it would be best to default on their loans as they were losing money paying for a home with less value than the actual loan. The more foreclosures there was, the more home values diminished and causing more and more

The only person the narcissist will ever pity or feel sorry for is him/herself. If the narcissist believes he/she can get away with doing something (even if it's illegal, immoral, or will hurt someone), he/she will do it. At different times, many high profile individuals are classified as a narcissist in the media. The movie “The Wolf Of Wall Street” demonstrates how a rapid success leads to the narcissistic behavior. “Feel good” holiday movies, usually focus on traditional family values of heroism whereas Martin Scorsese in his film “The Wolf of Wall Street,” does the opposite. The movie focus on lavish life of Jordan but it was a true satire for an individual exploring quick fortune and shortcut of getting rich. Although many critics

Real estate agents draft the agreement of purchase and sale and make sure everything is up to par for closing. They receive commissions from the seller. Their fraud usually concerns falsifying the value of the property.

As a topic for this research paper, I decided to analyze the ethics behind the recent mortgage crisis in the United States. Banks were approving people for loans very easily, to people they knew would not be able to pay them back. Thus, many people were buying homes, missing payments, getting foreclosed on, and ruining what credit they had. Throughout this paper I intend to show how the practices that the banks were using were unethical. I will show who stakeholders were, and analyze them through Utilitarian and Kantian standpoints.

Many people lost their homes and other assets due to foreclosure and lack of payments on their loans when the stock market crashed and housing industry fell. Immigrants where a large percentage of those who became victims to the crisis, because many lenders were making it very easy for illegal immigrants to obtain loans and mortgages by not requiring them to provide much documentation. It was found that the loan sharks that participated in fraudulent loaning, manifested and approved false employment and income documentation for the unauthorized borrowers; most were the illegal immigrants from

According to the FBI, the term white-collar crimes is “now synonymous with the full range of frauds committed by business and government professionals. These crimes are typically characterized by deceit, concealment, or violation of trust and are not dependent on the application or threat of physical force or violence. The motivation behind these crimes is financial. Typically these crimes try to obtain or avoid losing money, property, or services or to secure a personal or business advantage.  Numerous white-collar crimes are committed by people holding top positions in the corporate and in the political world. Many times status and money has kept these criminals

Mortgage fraud - Misrepresentation of loan application data and mortgage fraud are other contributing factors. US Department

The "toxic" mortgages which you hear about on the news every day are not bad credit mortgages, but much closer to fraudulent

It’s only been a few years since California was identified by the highly respected and popular Forbes magazine as the 3rd highest state for mortgage fraud (with 1st and 2nd place going to Florida and New York). So if you find yourself involved in a case of real estate fraud, you aren’t alone in your suffering. There are many Californians out there enduring the same plight. How to identify real estate fraud in order to avoid it is the real trick that we should all be attempting to grasp.

mortgage-backed securities. Further plaintiffs’ lawyers and their clients have been active in making other claims such as misrepresentation or failure to disclose materials information, trying to recover some of the billions of dollars in losses.

A grave injustice is being brought upon all Americans, who dream of owning their own homes. That dream is being stolen by corrupt banks. After the economy crashed in 2009, these banks pounced on these people like sharks. They conned people into thinking they could save their homes, by modifications of their loans with lower interest rates.