Someone told me that once - and they weren't referring to a woman....it's kind of like the bumper sticker - "my carma ran over your dogma". A play on words - Carmen will get you really means, karma will get you. You know what goes around comes around. You reap what you sow.
This has been so true for me in my life. Good things I've done have paid me back well, bad things I've done, I've been paid back for in many ways and many times.
I was thinking of these types of truths this afternoon when my google alert for mortgage fraud sent me an interesting e-mail. A mortgage broker that I knew of, in a market I used to work many years ago, is getting his.....
His fraudulent files put a bank out of business. Yes, one loan officer, his own production, broke a bank. This loan officer did a lot of business. I mean A LOT of business. He was featured in the top 10 in the country by one leading mortgage magazine. The bank, lured by his great numbers, hired him to run their mortgage department. Oops. It turns out he was the loan officer that specialized in doing the loans other lenders turned down. It turns out, he was doing things he shouldn't have been doing. In fact, his whole department soon adopted this way of doing business. Newspapers are reporting garbage bags of cash to be used for buyers down payments, straw buyers and other fraudulent practices.
An underwriter I know worked as an auditor on these files when the Fed's seized the bank. She said that every file had fraud in them. All there in plain sight.
It's good that people like this are getting caught. Beware the loan officer who "can get any loan done". He/she might just be doing something they shouldn't. When this fraud happens, it's not just a few sill bank rules being broken, it's an attack on the strength of the American banking system.
Carmen is going to get this guy. I hope he enjoyed his high roller years, his success so many were jealous of. One of his co-horts just was sentenced to six years in federal prison. He hasn't been charged yet, but it's clear the government is building a case. It's a shame, really.
We all just need to remember in our daily business that "Carmen" is out there.....she'll either help us or hurt us....and it's all based on what we do.
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