By LOUISE STORY and GRETCHEN MORGENSON
In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.
But a new defense has been mounted by a bank executive: my regulator told me to do it.
© 2010-19 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
i have been a nurse for 25 years and the mortgage broker for wells fargo lied on the application for my mortgage. i was in the whole at closing then add the inflation since 2006. remember when we all applied for these mortgages there use to be something called underwriting. the job of the underwriter use be to validate a salar and appraisals. people love to blame the homeowner applicant and not the entity involved. the gods underlying truth is the banks wanted the loans to fail there is no money in 1 1/2% of a mortgage payment that servicers earned, the money was in credit default swap insurance. it was a brainstorm. m=approve millions of loans you know are going to fail and collect the insurance on these loans.
again i am a nurse for 25 years. peopel trusted their lives in my hands why would i or any other nurse have to gaian from lying on a mortgage application. my paycheck stubs are not hidden they were totlally available to the bank as is millions of other feople applying fo rhtese mortgages. appraisals? one look at my appraisal and 2 things stand out. one comp was a sale 6 months pior. why not use a sale that occured in the past 3 months as is the norm and lets not use comps that have a know abnormaity as have been on the market for 51 days at one price and sell for 20k more, 20k is a nice payday fro 2 months of work.
so blaming the homeowner/applicant is merely a way to place blame on someone. i]all i did was apply. there were 2500 homes for sale in the county i live. back in 1991 when i bought my house underwriting was strict you can only be approved for certain amount and had to find another house if you did not meet the salary of underwriting. i merely asked if i meet under writing if i did not another house maybe with 3 bedrooms and 1 bathroom would have been fine. why did every mortgage broker feel we HAD to purchase the home we all applied for.
again blaming home owners fo rwhat the mortgage broker did and what underwriting didnt due its job is totaly wrong.
i am an ethical person i have to be peoples lives were in myhands for over 25 years. but i do not derserve what is happening to my family right now. and nurses are the bigest losers inthis scam because we made good salaries but our work week is only 36 hours not 40 hours. and some nurses like me chose not to work everyother weekend while raising their family. because we chose to work was is called “pool” or “per diem” we weer the 1st nurses canceled when census was low. it was something we lived with and was expl mained to the mortgage broker when applied for these mortgages. an average salary would have been appropriate.
over stating slaries and not verifying income by mortgage brokers was the norm. remember the more mortgages they got approved the more money they made.
please lets blame who benefited from this scam