throw away second: The Silent Second: Unfettered Sleaze
- 11/18/07 09:51 AM
Silent seconds (mortgages) are seemingly gaining popularity to accommodate an exaggerated need to make "deals work." I wrote a post last week, The Cult of the Morally Deficient, in response to a loan originator's comment that he had recently confronted silent seconds in a number of proposed transactions. The comment was made to a post, The "Silent Second" Revisited!, that appeared on Active Rain nearly a year ago. It continues to receive random remarks that are nothing short of startling and disturbing. Just days ago, a middle aged, first time homeowner presented a scenario that I won't soon forget. Having participated … (18 comments)
throw away second: The Cult of the Morally Deficient
- 11/10/07 06:02 AM
There seems to be something of a "collective subconscious" among those who would perpetrate mortgage fraud. The notorious schemes of the past that resulted in "highly-publicized" criminal convictions have a strange and bothersome tendency to resurface. Most interesting is the innate quality of an illegal concept to migrate from coast to coast with inordinate speed and efficiency. At times, the mechanics of the fraud are morphed tangentially to add a layer of deceit and confusion. At other times, the original schemes are boldly resurrected by fraudsters who apparently suffer with cerebral dysfunction or an inherent desire for incarceration. A "self … (41 comments)
throw away second: The "Silent Second" Revisited!
- 12/23/06 10:38 AM
On November 26, 2006, the Orlando Sentinel published an article entitled "Hear this loud and clear: A "silent mortgage" is fraud." The article was written by syndicated columnist Robert Bruss, Inman News. The term "silent mortgage", synonymous with "silent second", is one that I hadn't heard for nearly a decade. Feeling admittedly "startled", the observation of a lending industry veteran shared long ago came to mind: Fraudulent schemes from the past have a way of resurfacing when the housing market slows. The term "silent second" was used often among industry insiders to describe a popular scheme to defraud lenders during the … (38 comments)
Silent seconds (mortgages) are seemingly gaining popularity to accommodate an exaggerated need to make "deals work." I wrote a post last week, The Cult of the Morally Deficient, in response to a loan originator's comment that he had recently confronted silent seconds in a number of proposed transactions. The comment was made to a post, The "Silent Second" Revisited!, that appeared on Active Rain nearly a year ago. It continues to receive random remarks that are nothing short of startling and disturbing. Just days ago, a middle aged, first time homeowner presented a scenario that I won't soon forget. Having participated … (18 comments)
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