Posted on 01/28/2011 5:59:43 AM PST by Chunga85
PORT ST. LUCIE — A Miami-Dade mortgage broker has pleaded guilty to using fraud in obtaining hundreds of thousands of dollars in mortgages for homes that others converted into marijuana grow houses in the city before 2006, according to federal reports.
Hugo Oliva, 47, is to be sentenced March 14 by U.S. District Court Judge Jose Martinez in South Florida.
The U.S. Drug Enforcement Administration contends that Oliva and another defendant, Manuel Caro, used false documents to obtain mortgage loans for purchasing the houses. The falsified documents included bank statements, W2 forms, pay stubs and employment records.
(Excerpt) Read more at tcpalm.com ...
Get your AAA rated Grow House Backed Securities here ping.
Port St. Lucie, Florida is about an hour north of West Palm. It is a bedroom community with little industry so turning to Grow houses is a grand way to make some coin.
Course there have been about 50 busted in the last few years.
So I guess most will go back to garage sales.
It’s our version of Rio Linda, as Rush says.....................
(Sniffle) Just here for a better life (sob).
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REFERENCE---MICHELE MALKIN----9/24/08 As panicked politicians prepare to fork over $1 trillion to rescue Wall Street......one villain has slipped notice: illegal immigration, crime-enabling banks and open-borders Bush policies.......cities hardest hit by the foreclosure wave happen to be some of the nation's largest illegal alien sanctuaries. Half of the mortgages to Hispanics are subprime.
A quarter of all those subprime loans are in default and foreclosure. The National Council of La Raza and its Development Fund received millions in federal funds to "counsel" on obtaining mortgages with little to no money down; the group almost succeeded in attaching a $10M earmark for itself in one of the housing bills passed this spring.
The quasi-governmental Wisconsin Housing and Economic Development Authority guaranteed home loans to illegal immigrants. Ads proclaim: "Sin verificacion de ingresos! Sin verificacion de documento!" - translates as, 'Income tax forms are not required, nor are immigration papers.' " Fraudsters engaged in house-flipping rings using illegal aliens as straw buyers.....the FBI cites a conspiracy involving a Nevada First Residential Mortgage Company branch manager who directed loan officers, processors to originate 233 fraudulent FHA loans valued at over $25M. The defrauders made and submitted false employment and income documentation for illegal immigrants from Mexico.....
"Fifty-eight loans with a total value of $6.2M have gone into default, with a loss to the HUD of over $1.9M." It's the tip of the iceberg. Thanks to lax Bush policies allowing illegals to use "matricula consular cards" and taxpayer-ID numbers to open bank accounts, mortgage fraud has grown........the GAO told me five years ago: "Considering the large cities inundated with illegal aliens, the federal government isn't willing to expose this problem for financial reasons as well as for fear of political repercussions."
The chickens are coming home to roost. Law-abiding taxpayers are going to pay for it.
Just committing bank fraud that no one else would do.
So much fraud did in our financial markets!
BOMBSHELL REPORT: Goldman Sachs Got Billions From Taxpayers Thru AIG For Its OWN Account, Crisis Panel Finds; Contradicting SWORN Testimony From Execs
QUESTION: WHEN IS A CRIME NOT CONSIDERED CRIMINAL? ANSWER: WHEN IT’S HATCHED ON WALL STREET.
MORE FRAUD
BofA’s Countrywide sued, accused of massive fraud
http://www.reuters.com/article/2011/01/25/us-bankofamerica-countrywide-lawsuit-idUSTRE70O7X820110125
A very messy Ambac lawsuit for JPMorgan
http://ftalphaville.ft.com/blog/2011/01/25/468916/a-very-messy-ambac-lawsuit-for-jpmorgan/
Ping!
Half the mortgages to Hispanics are sub-prime...a problem we’ve been covering for the last 4 years...
Michele Malkin - the most under-appreciated Conservative Pundit.
Bless her heart - she works hard exposing the dark underbelly of the Left (which isn’t too hard to at least see) - and gets demonized regularly.
That clip from 2008 was nearly prophetic.
Hello Red Badger,
Sooo how have things been along the floribama area?
Cool and clear, today.
The BP oil disaster kept all the tourists away for practically the whole summer, but the snowbirds came back for the fall and winter. Maybe the Spring Breakers and Mardi Gras will get things back to normal. Many people in the restaurants and hotels lost their jobs.......
Wife and I went to New Orleans two months ago for a few days and traveled the area along the Gulf and it seemed slow.
Least slower than it had been the last few years?
LOL!!
It was sloow! If it weren’t for all the people who lost their jobs, it would have been nice. Like back in the early 80’s before the big building boom......
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