Robbing the Bank to Pay Back the Bank!

Wow, a 69-yr old robs San Diego bank to pay for his 17% mortgage! The authorities should round up the loan officer, strip him of his license, place him in the clink and throw away the key! Seniors beware -- a lot of crooks are after you (us!). Work with someone you know AND trust.

Click on the link to view the source newscast but we here in Silicon Valley were not insulated from some of these crooks in the real estate and lending business who looked out for themselves and didn't place their client's best interest first and foremost. Some loan officers, many working for unscrupulous mortgage brokers, placed unsophisticated and unsuspecting borrowers into weird loans with prepayment penalties and the like to earn huge fees at the expense of the borrowers.

Probably most of the borrowers that were trapped by these crooks were not seniors but I think it is even more egregious when a senior is the victim.

Posted by Tom McEvoy on 09/25/2009 04:57 PM

Comments (7)

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7 Comments on Robbing the Bank to Pay Back the Bank!

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17% interest in this current market. That was a reasonable rate in the 80's at one point.

Wow! I don't think I even have a credit card with a rate that high.

Hey Mike, you're right, we did see those rates then! Even if the loan was done in the last few years, my points are still valid, right? Thanks for your comment.

Rashel, thanks for your note. My son asked me what my credit card interest rates are. I told him that they are ZERO as we pay them off each month! This poor guy must have hooked up with a loan shark, right?

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Tom McEvoy, Sunnyvale, CA

Tom, that would not have happened if he had been my client. I advise all my clients to call me when they refinance or do anything regarding their real estate. You are right the loan officer should be in jail.

Real Estate Columbus Ga, Fort Benning Realtor, Phenix City Homes,

Ditto, Erika! I place my clients interest first. Afterall, they hire us at least in part for our fiduciary duties. Thanks for the comment!

I wonder if he was robbing the bank that owned his mortgage? That would have been most appropriate. Bank robbery sounds scary, but it probably beats eating dog food.

Greg, perhaps he was but in any event, the real crook was NOT the bank but the loan officer who "fleeced" him into such an abysmal loan product. The loan officer made off like a bandit in the night! Many though have just stopped paying in lieu of eating dog food, I suspect. Thanks for your comment.

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