DiscussMormonism.com

... in mortgage fraud. See link below for article.

http://www.azcentral.com/arizonarepubli ... s0320.html

Rollo Tomasi wrote:... in mortgage fraud. See link below for article.

http://www.azcentral.com/arizonarepubli ... s0320.html

Hmmm. Maybe if more Utah men married women with educations far superior to the husbands, they might not be in that predicament. ;-)

Hopefully home prices will either level off or drop here in utah finally. The run-up over the last couple years has been ridiculous.

Rollo Tomasi wrote:... in mortgage fraud. See link below for article.

http://www.azcentral.com/arizonarepubli ... s0320.html

Interesting. Is this fraud being committed by the lender or lendee?

VegasRefugee wrote:Interesting. Is this fraud being committed by the lender or lendee?

Lendees for the most part. It typically involves falsifying the loan documents - so that you obtain a loan that you normally would not qualify for.

It's not really a problem when home prices are skyrocketing, because you can unload the home for a profit prior to having to make too many payments (and ultimately payments that you cannot afford). Now that home prices have stalled, these same people are unable to unload their homes, and must continue to make the mortgage payments, or basically get foreclosed.

Who Knows wrote:

VegasRefugee wrote:Interesting. Is this fraud being committed by the lender or lendee?

Lendees for the most part. It typically involves falsifying the loan documents - so that you obtain a loan that you normally would not qualify for.

This makes perfect sense. This sort of falsification is the logical result of a culture in which:
---people are expected to have large families
---people pay 10%+ of their income to the Church
---people are expected to "look successful" in order to demonstrate blessings/faithfulness/etc.

Mister Scratch wrote:This makes perfect sense. This sort of falsification is the logical result of a culture in which:
---people are expected to have large families
---people pay 10%+ of their income to the Church
---people are expected to "look successful" in order to demonstrate blessings/faithfulness/etc.

If you're willing to lie about information for mortgages, then why not lie about tithing too?

Mister Scratch wrote:

Who Knows wrote:

VegasRefugee wrote:Interesting. Is this fraud being committed by the lender or lendee?

Lendees for the most part. It typically involves falsifying the loan documents - so that you obtain a loan that you normally would not qualify for.

This makes perfect sense. This sort of falsification is the logical result of a culture in which:
---people are expected to have large families
---people pay 10%+ of their income to the Church
---people are expected to "look successful" in order to demonstrate blessings/faithfulness/etc.

I don't know if I'd go that far.

The one thing i can think of is tithing. It's basically a monthly debt payment that a tithe payer could perhaps leave out of his loan app. - basically qualifying him for a mortgage that's 10% higher than he should have gotten. But I don't even know if that would qualify as 'mortgage fraud'.

asbestosman wrote:

Mister Scratch wrote:This makes perfect sense. This sort of falsification is the logical result of a culture in which:
---people are expected to have large families
---people pay 10%+ of their income to the Church
---people are expected to "look successful" in order to demonstrate blessings/faithfulness/etc.

If you're willing to lie about information for mortgages, then why not lie about tithing too?

I think that many TBMs see a difference between lying to a "faceless" mortgage company vs. lying to a Bishop, or other representative of the Church. It is quite like the difference between lying to your mother vs. lying to some panhandler on the street whom you've never seen before. Just my .02.

Who Knows wrote:Hopefully home prices will either level off or drop here in utah finally. The run-up over the last couple years has been ridiculous.

You could move to Detroit....

http://blogs.usatoday.com/ondeadline/20 ... _hous.html