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Otis
Certified Residential
Joined: 11 Aug 2007
Posts: 2899
Location: High and Dry
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 Posted: Sun Nov 25, 2007 10:15 pm Post subject: Money from suburbs helped finance inner-city fraud |
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http://www.goerie.com/apps/pbcs.dll/article?AID=/20071125/OPINION04/711250368 | Quote: | The story of Erie businessman Robert L. Dodsworth is messier. Dodsworth's getting what he deserves as part of the ongoing federal investigation into suspected mortgage fraud in Erie. But the people on the business end of his greed have no George Bailey to set things right.
<snip>
But they offered little indication they had thought through the puzzle of how they were getting quick, fat returns out of an operation whose target market doesn't have much money. Or had considered the possibility the unusual returns meant someone was getting taken somewhere along the line.
On the other end, Dodsworth's con required a certain kind of mark. Dodsworth's targets trusted that he knew what he was doing. And he did.
It's hard not to roll your eyes when the homebuyers caught up in the federal investigation tell their stories. There were red flags everywhere.
But in general these were gullible people living at the financial margins to begin with, and clueless about how tangled things could get. When someone told them owning their own home was within their reach, they focused on what they were getting instead of what they were getting into.
By the time things started to come unglued for any given buyer, Dodsworth and his investors had cashed out and moved on. The buyers and the banks were left with the personal and financial wreckage. |
_________________
Don't believe everything you think 
What are they SMOKING?<<Link
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Edd Gillespie
Certified General
Joined: 13 Aug 2007
Posts: 2282
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| Posted: Mon Nov 26, 2007 8:03 am Post subject: |
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This is the quote that seems me to to express what many forum folk also see.
| Quote: | | But whoever gets snared in the criminal case, keep in mind there are others who share responsibility for all that was wrong, if not quite against the law. They'll get off with nothing more than whatever uneasiness comes from looking in the mirror. |
Almost everyone of these get rich scams included a committee of some kind. If you are an appraiser or an investor in these sorts of deals, it just won't wash to do the job and deny any responsibility for the results.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?
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Steve Owen
Certified General
Joined: 14 Aug 2007
Posts: 1935
Location: Joplin, Missouri
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| Posted: Mon Nov 26, 2007 12:57 pm Post subject: |
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| Quote: | | But in general these were gullible people living at the financial margins to begin with, and clueless about how tangled things could get. When someone told them owning their own home was within their reach, they focused on what they were getting instead of what they were getting into. |
Same thing happened in KC. I'll bet it happened in a lot of other markets too. Hopefully, someday they will get the mortgage business under control and these scam artists can go back to painting widowers driveways or asking some poor fool to hold their bag of money for them.
_________________
I haven't a particle of confidence in a man who has no redeeming petty vices.
- Mark Twain, a Biography
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