Posted on 07/11/2005 1:43:43 PM PDT by Millee
A realtor and two loan officers accused of helping unqualified people get home loans have been indicted by a grand jury in Jefferson and Gilpin Counties.
The people did not qualify for the money based on their citizenship or financial circumstances.
The realtor involved is Lakewood-based 31-year-old Ricardo Medina. The two loan officers named in the indictment are 39-year-old Nancy Rios and 24-year-old Perla Alvarado.
The indictment says the three were able to secure home loans for the unqualified applicants by creating false documents and then giving them to legitimate mortgage lenders.
There are 33 homes totaling $6.5 million, according to the paperwork.
Investigators say they think other realtors and loan officers are involved in the operation.
Medina, Rios and Alvarado will make their first court appearances Tuesday.
But in wisconsin, the government has set up a program to help ILLEGALS get home loans!
It is a trickle, let's see if the dam bursts....
Please, please, (pretty please) say you are joking.
Not being Real Estate savvy, I'll ask anyway. Is the ultimate goal here to wait for these home to go into foreclosure, since these folks won't be able to pay, then the realtors can pick these places up down the road as income generators? Just wondering.
Nope. Not a joke...
Boy, that'd make this story even more slimy. Food for thought, though.
No, not joking, it was posted here at the end of last week.
There may be some who are thinking that way, but my thoughts are less conspiratorial.
I just look at it as the mortgage lending industry seeking a larger pool of customers in order to make more money from more loans.
I suspect, however, that the default rate is going to be much higher on these loans and there may be a little something to what you're thinking.
Thats a good way to look at it. I imagine the commisions alone on a legitimate sale can be quite significant.
Heaven help us. It's time for a new civil war. (Least we have all the weapons!) : )
Clearly, the concept of illegality does not exist in his universe.
He even called the laws of Minnesotta "arbitrary"! A freepin' legislator!
ping
Guess it pays off big to be an illegal alien here in the USA...
All of those involved should be prosecuted and jailed.
{{{{{ping}}}}}
Profits? What profits? Oh, sure, there were additional costs that had to be covered and some properties were seized by minority owners when the illegals defaulted. But, there were no crimes here, only good deeds.
HUD has really clamped down on FHA verifications of SS#'s for borrowers. That will put a big crimp in HUD loan fraud.
Now if there could only be a way to instill that same demeanor in the conventional business we'd see some improvement.
Medina.Rios.Alvarado.
you scratcha my back, I scratcha your back..
deport illegals now.
NO to CAFTA, which will make illegals part of "free trade", rather than the Congress legislating their entry or not.
GET IT? The current administartion is unconstitutionally removing power from We the People!
A thought: Do all mortgage companies require that homeowner's insurance be obtained prior to the loan being granted? I know with the 2 houses that I've bought over the years that was the case. If true, it seems to me that insurance companies are now aiding and assisting illegals as well.
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