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- Brian Sullivan joined FOX Business Network (FBN) in April 2008 as an anchor. He co-anchors the 10am-12pm ET hours of the FOX Business block.
Prior to joining FBN, Sullivan served as an anchor for Bloomberg Television where he hosted the programs Morning Call and In Focus.
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David Sokol
Prosecute them!
Listening in Texas
Several questions come into this part. As a real estate broker; I would like to know how the lender managed to get the buyer to sign multiple sets of loan documents? Also, would any of the buyers have questioned getting multiple payment books for those mortgages? There are also documents in the closing papers that inquire about other credit inquiries to the credit report which typically are done through the Quality control measures of the lenders. I have heard of a lot more type of loans being made like this and I could give you NUMEROUS other type of examples that you might want to investigate on this; but this is not the REAL issue or proper example on "borrower fraud". There are MANY other ways that the lenders were dooped into making loans. Your example here is ONE bad egg versus what has REALLY happened. How did he manage to get past the escrow officer and title company who would have signed the documents with the buyer and who put title insurance on the loan for prevention of just this type of activity? I can understand a borrower entering into a "stated income" loan to which they actually do not make that type of money to qualify properly for in Debt to Income ratios; but they typically have to show some type of documentation such as bank accounts to show money passing through the accounts in some form unless they have an exceptionally high FICO score. The banks ALLOWED much more abuse than this on a VERY regular basis! Where would you like to begin? This would require an entire dissertation to explain.
Chimpanzee #47
Sounds like someone trying to get oxycontin prescriptions or something from various doctors. Hey, if we have addiction with pharmaceuticals, I can see compulsion issues with money and materialism. The addiction can be treated medically, the latter though is deeply rooted in culture. It may just be western civilization is destined to reach this paradox where the self ascertive takes over the integrative model for identity. And we just keep seeing that show up in one form or another in human event phenomena.