Special offer

Thankfull that we followed the rules....

By
Education & Training with Independent Leadership & Financial Fitness Consultant

About four years ago I was approached by an associate of mine who was asked to help on a number of home purchases.  My associate trusted my opinion and had me look over the deals. I explained that it was impossible to get back the cash on the properties due to seasoning issues.  I wondered immediately if this friend of my associates was one of thee guru investment flippers, and frankly I thought the whole deal stunk.

Now it's four years later and this same associate calls me with the following news paper report...Alaska mortgage Fraud....

Wow...Anchorage is a small community but it still shocks you when you see names that are familiar.  Many of these people are no different then you and I, just did some stupid things and now are paying for it with their reputations and possibly freedom.  I also feel for their families as well.   The one guy I don't feel as sorry for is the master mind, the guy I told my associate to beware.

I'm not aware of most of the details with this particular fraud case, but the devastation to the community and people that work with you is not measurable.  Another associate of mine who lives in Anchorage told me that some of these people were not so concerned because they were not directly targeting people, it was just banks, and the intent was to actually make good on the loans.  But intent can often change, and the one who master-minded this scheme will hopefully get the harshest sentence, and we don't live in the times of Robin Hood.  Stealing from the bank is not morally better then stealing directly from your neighbor.  The problem is you are still stealing from your neighbor and your friends and family. The banks write off the losses, but they pass it on to us in the form of extra fee's, interest and higher mortgage costs. 

My business partner and I used to joke about how Anchorage was the "wild west" of the mortgage industry.  Thankfully people care in that community, and I'll never call it the "wild west" again. 

Posted by

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana
Yea Karl it sure is nice to sleep well at night isn't it.
Dec 18, 2007 09:07 AM
Rebecca Savitski
BSR Real Estate Group - Cary, NC
NC Real Estate Listings
I have been approached and admit to contemplating some of the ideas. The difference is once you start thinking through the DEALS you quickly realize its fraud.
Dec 18, 2007 09:12 AM
Jen Hudson
Windermere Real Estate/M2, LLC - Stanwood, WA
Stanwood, Camano & Arlington, WA
I'd rather sleep comfortably at night, than have to worry about future prosecution.  Sometimes the world is uncomfortably small.
Dec 18, 2007 09:24 AM
Scott R. Turner
CENTURY 21 Broadhurst - Myrtle Beach, SC
Everything We Touch Turns to SOLD!!
Just hit the news tonight that 31 mortgage brokers, Realtors and appraisers were just busted in Marco Island Florida for the same thing. You are correct, it is good to sleep like a baby at night.
Dec 18, 2007 09:28 AM