[maica]

To effectuate the scheme, defendants Juan Torrens and Rachael Torrens, together with the straw buyer defendants, would create and submit to the banks and lending institutions HUD-Settlement Statement Forms, also known as HUD-1s,...

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Thanks for posting. I believe that this kind of fraud involving HUD goes back to the Clinton years. I saw a personal example of this kind of criminal overpricing of a home when I was doing family research.

It just got totally out of hand after the dot com bubble broke and people turned to mortgages as a ‘safe’ investment.

[Liz]

We're finding out the toxic mortgages poisoning the global economy (that brought the US economy to its knees) were held by leeches with larceny on their minds, who never intended to payback banks. Here’s another subprime scam---God knows what the multiplier is.

JEST GOIN' OVER DA BORDER FOR A "BETTER LIFE." DUH.

Sap-happy community organizer Barack Obama and other braindead do-gooders sued to pressure banks into loaning to marginal people. Illegals were never asked for proofs---pay stubs, SS numbers, etc.

As long as they had a pulse and could write the names of one of their phony identities, they got a loan.

Many were scam artists----flipping the home back and forth among illegal immigrant families at higher and higher profits, duping banks at every turn. When they were done looting, the last "homeowner" defaulted and absconded to Mexico with $tens of thousands in cash.........leaving banks (and taxpayers) holding the bag.

Screwing banks and US taxpayers must get lotsa laughs over tequila shots in downtown Tiajuana.