WHO IS REALLY TO BLAME FOR THE COLLAPSE OF THE REAL ESTATE MARKET?

There are so many angles related to this topic that I could write a book on it.  Recently I have seen major banks attempting to blame their employees actions for failed loans and issues surrounding real estate related problems.  It is becoming more and more clear to me that the banks are trying to use these employees as "scape goats" for there own questionable practices and policies.

 

In a nut shell, the banks are claiming that their employees accepted loans (on behalf of the banks) without verifying income from people who could not afford to make their mortgage payments.  Yet, in many cases the banks made thousands of dollar on these loans.  Moreover, the banks are the ones that set up the policies that allowed the subject loans to be made on stated income...with no mechanism to verify whether a particular person could actually afford to pay the loan. 

 

Currently there is a federal case pending in the Central Valley where federal prosecutors are claiming that between 2000 and 2005 real estate agents inflated property prices to cover undisclosed payments made to themselves.  In addition, they claim that other illegal schemes involved buyers and sellers of homes lying to extract equity from their homes; real estate investors lied to finance property flipping schemes; home builders lied and used straw buyers to get properties off their books; organized crime associates used fraudulently obtained financing to buy houses to use as indoor marijuana farms; and even a policeman who is charged with submitting false information to obtain two different mortgage loans. 

 

I am waiting for the prosecutors to go after the true culprits....the banks!  The banks and their Boards of Directors are the ones that set the wheels in motion and laid the ground work for the problems we all now face.  They are the ones that took our tax dollars from the President of the United States (to allegedly help us) and have held onto and paid out the money for themselves.

If you are facing federal criminal charges it is important that you have a qualified attorney fighting on your side. The attorneys at the Hedding law firm have a combined 75 years of experience, they will gather all the facts pertaining to your case and work hard to get the best possible outcome. Contact our office today to schedule a free face-to-face consultation.