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Buyer fraud rampant in bubble-time purchases - 15-20% of cou

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Thu Mar 06, 2008 3:42 pm GMT    Post subject: Buyer fraud rampant in bubble-time purchases - 15-20% of cou Reply with quote

Use this forum thread to discuss the following link.

Description: Buyer fraud rampant in bubble-time purchases - 15-20% of counseling cases in LA involve fraud, Boston analyst describes straw buyers
URL: http://www.reuters.com/article/domesticNews/idUSN2037615020080305?pageNumber=1&v ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1530

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admin
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Joined: 14 Jul 2005
Posts: 1826
Location: Greater Boston

PostPosted: Thu Mar 06, 2008 3:43 pm GMT    Post subject: Reply with quote

Thanks to the Bubble Markets Inventory Tracking blog for pointing this out:

http://bubbletracking.blogspot.com/2008/03/news-flash.html

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JCK



Joined: 15 Feb 2007
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PostPosted: Fri Mar 07, 2008 2:10 pm GMT    Post subject: Reply with quote

Buyer fraud + lender complicity.

If I leave a GPS in my car with the door unlocked, I shouldn't be terribly surprised if it gets ripped off.

This doesn't in any way excuse the thief's behavior, but if the GPS was the one you lent me, you probably could sue me as being negligent (a reasonable person would know that you have to hide GPS and lock the door).

If you make it too easy for people to take out huge loans with no verification, you have to expect a small percentage will take advantage.
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PostPosted: Fri Mar 07, 2008 2:33 pm GMT    Post subject: Reply with quote

I totally agree. The lenders were enablers. They are especially culpable because they encouraged reckless borrowing on loans that they knew they would not be holding and that they had been entrusted to make for others. They collected their fee for making the sale and turned around and resold the loans right away.

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