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To: nicola_tesla

No such thing as liar’s loans ... it’s FRAUD clear and simple and should be fully prosecuted. Note that much of the paperwork was sent via hard copy, snail mail, via US Post Office. That adds the charge of mail fraud.


18 posted on 05/30/2008 2:05:26 PM PDT by taxcontrol
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To: taxcontrol

I agree. But, the other point is the bank should have verified income before disbursing the check. That was their obligation. As the article said, the banks hoped to pass the entire blame onto the borrower of its lack of due diligence.


41 posted on 05/30/2008 2:54:33 PM PDT by nicola_tesla ("Life is Tough... It's Worse When You're Stupid".... John Wayne)
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To: taxcontrol

In many cases it was, in fact, solicited fraud.


67 posted on 05/30/2008 3:33:42 PM PDT by arthurus
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