People are basically honest and will do the right thing if given the chance. However, people are also opportunistic, and if encouraged and enabled to steal, many ordinarily good people will go down the wrong path. Lenders led many astray. During the housing bubble, lenders were desperate to loan money in what they thought were low-risk, high yielding investments. The advertising to entice homeowners to become loanowners was both effective and too-good-to-be-true.
The housing bubble turned many good people into thieves. Most were petty thieves who merely gamed the system to get free money. This same group now feels completely justified asking for principal reduction as if that were an entitlement instead of what it is, government graft.
Over the years, I have collected many stories of housing bubble grift, but the occasional newspaper article or daily HELOC abuse story doesn’t delve into the sordid details of the worst offenders. The people who really know how bad people behaved are the fraud investigators. Six years after the housing market peaked, investigating fraud is a booming business.
CSI: Housing Bust
In this business, the best employees are the most paranoid ones.
By Beth Raymer — June 2012
As viewed from Frank Alpan’s cubicle, through the glare of two flat-screen monitors, the collapse of the housing market looks a lot like a crime scene. Clicking his way through electronic case files, he hunts for clues: a strange font on a pay stub, numbers on a W-2 form that don’t add up. He is continually amazed at just how sloppy some suspects can be.
Alpan (whose name has been changed, as his company’s policy forbids unauthorized employees to speak to the media) spends eight hours a day at this desk in Digital Risk’s office building in suburban Maitland, Florida, reconstructing the exact circumstances that led so many Americans to buy houses they couldn’t afford. The cases he has seen reveal a country gone berserk: a woman in Ann Arbor who refinanced her home five times in five years but neglected to tell her lender that she had quit her job;
During the housing bubble, the median household income in Irvine, CA was about $85,000 per year. For five consecutive years from 2002 to 2006, the median home price rose on average about $85,000 per year. Any Irvine homeowner could have quit their job and lived off the appreciation in home equity. Apparently, some people did.
a concrete finisher in Las Vegas who applied for 15 mortgages in one week;
That’s knowing how to game the system. There is always a delay between when a loan is approved and when record of the loan shows up in the public records. If a borrower times all their loans to be approved in this small window, each bank is unaware of the others simultaneously approving loans. Of course, lenders require a borrower to sign a statement stating they are not processing multiple loans, but this is hardly a deterrent to a determined thief.
pastors—dozens of them—who doctored bank statements, bought houses they couldn’t pay for, and then filed for bankruptcy. “The nice thing about pastors is that their church shares information when asked,” Alpan says. “Pastors are always an easy [fraud] claim.”
Keith Ritter from the post Grifters for God is an ordained minister.
…. Once problems are uncovered, clients can try to recover money. … The information that analysts dig up unsettles Alpan. “There’s nothing you can hide,” he says. “This is why auditors are so paranoid.”…
Alpan’s reviewing the case of a grocery-store manager in New Jersey who paid $120,000 for a home whose value then jumped to $220,000. Over the course of a single day, the manager took out five home-equity lines of credit. A week later, with half a million dollars in his pocket, he walked. The scheme is called shotgunning, and Alpan sometimes wishes he was unscrupulous enough to have done it. “I could have been a millionaire,” he says, snapping his fingers, “just like that.”
It is tempting, isn’t it? Whenever I profile the property of a really egregious HELOC abuser who took out $500,000 or more, I get a small pang of jealousy. There was so much free money given away by stupid lenders, sometimes I feel like I missed a great opportunity.
One of every four files Alpan reviews contains a hardship letter. Such letters are meant to win the bank’s sympathy, but more often than not, they end up highlighting the lies the borrower once told. “I was selling cars … making $2,100 a month, and they cut my hours,” explained one borrower, though his mortgage-loan application had said he earned $350,000 a year as a regional manager for a Big Three automaker.
He was making $350,000 a year if you count the mortgage equity withdrawal. If you count the free money from the Ponzi scheme, most liar loans weren’t lies.
One hardship letter that went viral around the office began, “I did a lot of coke, and now I can’t afford my mortgage.”
ROFLMAO!
Alpan scowls as he plows through the files. The infinite variety, as well as the sheer tonnage, of bad behavior has clearly affected him.
It’s affected me too. Profiling HELOC abuse cases day after day has made me very unsympathetic to the loan owners who play the victim card.
I am always shocked by the sense of entitlement some thieves have.
Among the thousands of fraudulent loans he has audited, the only common denominator is deceit. “It’s not just lawyers and pastors and CEOs who lie and scheme. It’s nurses and schoolteachers, too,” he says. “Everybody’s guilty; no one’s up to any good.”
The common man was the cornerstone of the Ponzi scheme.
People from all walks of life got involved.
Business owners and entrepreneurs financed their ideas with Ponzi house money.
And attorneys played their part.
And the squatters the attorneys enabled.
Many of these self-proclaimed victims think they have been so wronged they deserve to keep the money and the house.
And the senior citizens who found a way to make up for their lack of retirement savings.
It didn’t take money, experience or intelligence to play the game. Anyone remember Casey Serin?
And then, of course, there were the real thieves…
Like Zimmerman, Alpan used to work on the other side of the industry, at a firm that sometimes handed out loans to the undeserving. … When one man didn’t have the gas money to come in and sign papers, an officer drove the papers to him.
One Digital Risk employee came from a brokerage whose in-house motto was “Copy, paste, cut, delete. We’re not done until the loan’s complete!”
Quite a motley crew, wouldn’t you say?
An ordinary house, an ordinary Ponzi, an extraordinary amount of HELOC booty
The dollar amounts ordinary people withdrew from their houses was quite extraordinary. Perhaps thirty years ago houses were desirable as a shelter and a place to call home, but now, they have the potential to provide prodigious amounts of cash to people who would not otherwise have access to such large sums.
- The former owners of today’s featured property paid $130,000 on 8/5/1997. They used a $128,732 first mortgage and a $1,268 down payment — an amount equal to a modest security deposit on a rental.
- On 5/7/2001 they refinanced with a $160,000 first mortgage.
- On 9/12/2003 they obtained a $50,000 HELOC.
- On 9/10/2004 they refinanced with a $235,000 first mortgage.
- On 2/3/2005 they opened a $112,000 HELOC.
- On 5/11/2005 they refinanced with a $255,000 first mortgage.
- On 3/20/2006 they obtained a $125,000 HELOC.
- On 8/11/2006 they refinanced with a $413,000 first mortgage.
- Total mortgage equity withdrawal was $284,268.
This was not a special property. In fact, this is well below the median. These people were well down the property ladder, yet they still managed to obtain $284,268 in free money, and they didn’t do anything nefarious. Think about what the real crooks walked away with.
Garden Grove Overview
Median home price is $325,000. Based on a rental parity value of $466,000, this market is under valued.
Monthly payment affordability has been improving over the last 10 month(s). Momentum suggests improving affordability.
Resale prices on a $/SF basis declined from $233/SF to $232/SF.
Resale prices have been weak for 12 month(s). Price momentum suggests weak prices over the next three months.
Median rental rates increased $0 last month from $$1,932 to $$1,933.
Rents have been slowly rising for 12 month(s). Price momentum suggests slowly rising rents over the next three months.
Market rating = 7
Proprietary OC Housing News home purchase analysis 
11641 MAGNOLIA St Garden Grove, CA 92841
$386,900 …….. Asking Price
$130,000 ………. Purchase Price
8/5/1997 ………. Purchase Date
$256,900 ………. Gross Gain (Loss)
($10,400) ………… Commissions and Costs at 8%
============================================
$246,500 ………. Net Gain (Loss)
============================================
197.6% ………. Gross Percent Change
189.6% ………. Net Percent Change
7.3% ………… Annual Appreciation
Cost of Home Ownership
——————————————————————————
$386,900 …….. Asking Price
$13,542 ………… 3.5% Down FHA Financing
3.74% …………. Mortgage Interest Rate
30 ……………… Number of Years
$373,359 …….. Mortgage
$98,629 ………. Income Requirement
$1,727 ………… Monthly Mortgage Payment
$335 ………… Property Tax at 1.04%
$0 ………… Mello Roos & Special Taxes
$97 ………… Homeowners Insurance at 0.3%
$389 ………… Private Mortgage Insurance
$0 ………… Homeowners Association Fees
============================================
$2,548 ………. Monthly Cash Outlays
($262) ………. Tax Savings
($563) ………. Equity Hidden in Payment
$17 ………….. Lost Income to Down Payment
$117 ………….. Maintenance and Replacement Reserves
============================================
$1,856 ………. Monthly Cost of Ownership
Cash Acquisition Demands
——————————————————————————
$5,369 ………… Furnishing and Move In at 1% + $1,500
$5,369 ………… Closing Costs at 1% + $1,500
$3,734 ………… Interest Points
$13,542 ………… Down Payment
============================================
$28,013 ………. Total Cash Costs
$28,400 ………. Emergency Cash Reserves
============================================
$56,413 ………. Total Savings Needed
——————————————————————————————————————————————-
We're sorry, but we couldn't find MLS # S700292 in our database. This property may be a new listing or possibly taken off the market. Please check back again.
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$295,000 11781 MAGNOLIA St |
0.15 miles 3 bd / 1 ba 1,400 Sq. Ft. |
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$359,900 11531 DALE St |
0.51 miles 4 bd / 2 ba 1,156 Sq. Ft. |
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$349,999 9712 SKYLARK Blvd |
0.71 miles 4 bd / 2 ba 1,243 Sq. Ft. |
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$359,900 9192 REGAL Ave |
0.75 miles 4 bd / 1.5 ba 1,280 Sq. Ft. |
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$379,900 9642 KATELLA Ave |
0.89 miles 3 bd / 3 ba 1,280 Sq. Ft. |
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$359,900 9791 GAMBLE Ave |
0.93 miles 4 bd / 1.75 ba 1,404 Sq. Ft. |
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$439,000 9692 ADELINE Ave |
0.95 miles 3 bd / 2 ba 1,300 Sq. Ft. |
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$305,000 9641 CRESTWOOD Ln |
1.1 miles 4 bd / 2 ba 1,280 Sq. Ft. |
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$245,000 10951 CHESTNUT Ave |
1.17 miles 2 bd / 1.5 ba 864 Sq. Ft. |
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$399,900 10052 FLANNER Ave |
1.18 miles 4 bd / 1.75 ba 1,156 Sq. Ft. |
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31 Responses to “Profiles of the ordinary thieves of the housing bubble”
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The day will come when forced panic selling takes place….
Once all of the thieves (govt, lenders, servicers, appraisers, brokers, realtors, individuals) who permeate the sector have extracted every last possible $ out of it, we’ll see OC coastal props selling @10cents on the $ and inland will be going @5cents.
Keep some ‘dry-powder’ handy
I suspect capitulation will be more gradual. One bank at a time, they will begin to give up, and when each bank capitulates, it holds prices down for the others. I don’t see a catastrophic collapse, but a slow lower grind.
One thing that could speed this mess up is if the govt doesn’t extend the mortgage forgiveness law that is set to expire at the end of this year. However, I do think the cowardly bastards will extend the law.
Excellent story on Negative Equity:
http://www.housingwire.com/news/negative-equity-props-home-prices-toughest-markets
I think the government will wait until the last minute to extend the law. They want the urgency to compel loan owners to complete short sales.
“”Negative equity is typically a demand-side obstacle to sales and refinances, but currently is also restricting the supply of homes for sale,” Khater said.
In markets where more than half of borrowers are underwater, the average supply drops to 4.7 months, compared to 8.3 months in healthier areas.”
The difference between markets is surprisingly large. Mostly, it’s California, Nevada, and Arizona where lenders are withholding supply. The article makes is sound like it’s loan owners who are restricting supply when in fact it is the banks.
Fear of loss ultimately overtakes greed’s desire for gain….
once the tipping point is reached, the predominant element that will ”speed this mess up” is the pendulem effect. Accordingly, many insider speculators who bought RE from Mar09-on (especially those in the bubble counties) are in for a rude awakening.
This issue is getting too much hype on this blog, at least in the comments. The only borrower that would need to worry about income taxes related to mortgage debt forgiveness, is a borrower:
1) who has assets and high income relative to his/her area median income (BK limitations);
2) who is deeply underwater relative to his/her assets/income;
3) with a “recourse” loan (determined by state law); and
4) in a judicial foreclosure state.
What percentage of underwater borrowers fit this criteria AND will default, intentionally or otherwise?
“What percentage of underwater borrowers fit this criteria AND will default, intentionally or otherwise?”
Since so many refinanced at the peak, I suspect the number is quite high. All refinances are recourse loans. It could be that most of these people are Ponzis who spent all their assets and could just BK out of the jam.
I don’t think these people need to be in a judicial foreclosure state. The lender can issue the 1099 for the forgiven debt whenever they finally chose to take the write down even in a non-judicial state. If this debt is sold to a zombie debt collector, that collector can issue the 1099. I think many of these financial time bombs will detonate over the next decade.
Collection of the actual deficiency from the foreclosure could haunt defaulted borrowers for years, and BK is the solution.
However, Lee in Irvine raised the issue of the expiration of income taxation of the deficiency. I don’t think this is a very big issue.
I have posts in the South and OC Beach blogs showing some distributing trends 1) Household wealth is down 40% 2) Incomes are down 10% from 2000! The last 15 years has been nothing to false wealth.
But I think you guys are right, the down trend is coming…will it be fast or slow.
Just one more article to show we are in a global banking ponzi.
From the Vice Chair of Moody’s
Europe’s economic crisis is going global
Once Greece goes, runs on bank deposits are likely to follow in Spain and Italy. There is nothing to stop Spanish and Italian depositors from wiring their euros from their local bank to one in Switzerland, Norway or New York. At that point, the only thing still standing between the eurozone and financial chaos will be the ECB, which could buy government bonds and fund the bank runs. The scale of such an operation would be enormous, and would expose the ECB to huge credit risk. But it could, in principle, step in — if northern Europe permitted.
If the ECB does not step in, Italy and Spain, too, will be forced to exit the eurozone, default on their euro-denominated sovereign and bank obligations, and redenominate into national currency. Massive losses would be imposed on the global financial system. Given the opacity of banks’ exposures, creditors would be unable to discriminate between the solvent and the insolvent (as was the case in September 2008).
The U.S. banks most likely to be affected by such a scenario would be the globalists: Citigroup, Bank of America, JPMorgan Chase, Goldman Sachs and Morgan Stanley. They would require a rescue package similar to the U.S. Troubled Asset Relief Program, created after Lehman Brothers’ collapse in 2008. The U.S. can afford a second TARP, but it would require congressional legislation, which is not guaranteed.
Massive wealth destruction, combined with global financial chaos, would pose a challenge to monetary policy-makers worldwide. Central banks would be tasked with preventing deflation, implying a major round of quantitative easing. But since banks are the transmission mechanism for monetary stimulus, this presupposes functioning banking systems. Each country would need to restore confidence in its banks’ solvency, which would most likely require a blanket bank guarantee and a recapitalization scheme (such as TARP).
The U.S. financial system can withstand any shock, because the U.S. can print the money that it needs. The Fed can maintain nominal prices, nominal wages and growth if it acts heroically, as it did in 2008.
The stock market will react negatively to the level of uncertainty caused by the collapse of the European financial system (as it did in 1931), and the dollar, yen, and gold should benefit. The fate of the British pound and Swiss franc is impossible to predict; they could benefit as safe havens, but their banks are highly exposed to the eurozone.
It is bad enough that the world is utterly unprepared for the future that can be foreseen. The unanticipated financial, economic, and political consequences of the coming crisis could be even worse.
The problem is, without securitization and the easy money scam that came from central banks that accompanied the off balance sheet accounting, these people would never have existed. The central banks and banks are the problem, the source of the housing bubble.
Diverting attention off these prime movers is simply playing into the banksters’ hands.
el O -
Seems extremely unlikely at this point that there is going to be the panicked sell-off. For whatever problems we have seen here in the US, it has been far worse in the rest of the world. The conventional wisdom for the longest time was that interest rates would have to rise before the World came to an end. Clearly, this has not happened and does not appear to be close to happening. Mortgage interest rates are still sitting at record lows. Clearly, those of us who bought into imminent interest rate shock were wrong.
Just look at the patrick.net site. You can see that the theme has now shifted from being mostly real-estate crash to left-wing anti-Corporation propaganda. If it were not for IrvineRenter’s graphics being peppered throughout, I would have forgotten that it used to be a housing blog. It would appear that housing-crash news is drying up.
As far as I can tell, as long as the banks can hold these low interest rates and it appears that they can and will, this is how it is going to be. I still prefer to rent and stay mobile, but it seems a fair gamble for anyone who has time to sit for awhile and not expect much of a return on their purchase. It would seem that ultimately interest rates will rise but over the span of 20-30 years a little bit here and there.
David,
I’m glad you stopped by. It’s good to see you again. Please, come by more often. You are missed.
Hi IrvineRenter -
Yes, it has been awhile. I have not been paying much attention to real-estate lately as I do not have long-term plans for residing in California and with the job market the way that it is, I have concluded that staying mobile (renting) is new form of security. Not to mention that in the bay area up here it is impossible to purchase real-estate without taking massive loans or selling your Facebook shares before the Nasdaq pops your bubble. Amazing how your perspective changes when you lose all interest in owning real-estate – another sign to me that we must be nearing the bottom.
I still read this blog often though although I have to admit that Patrick’s jump into left-wing propaganda is quite the turnoff and has me checking much less often.
I’m with David on all of the above here. I’ve been following the posts on the old IHB since the beginning and had been reading Patrick.net since 2006. As David has said, patrick.net’s shift to far left anti corporation anti work hard propaganda has really been distasteful. I posted very apropos points regarding this to Patrick directly on a forum post about that very thing, and he basically said, it’s what I think, it’s my forum, and I’ll do what I want. And I very much respect that, because this country is still semi free.
The only blogs I read now are this one and Dr. Housing bubble blog. Even DHB is a little hellfire and damnation at times, I really think Larry puts the most thought into his posts and his view of the way things are going are the most unbiased and correct (for what my opinion is worth).
My wife and I have been looking to buy for 2 years. We live in costa mesa now and are looking buy in south orange county where my work is. We wanted to buy in Laguna Niguel but the listings that would come up were utter atrocious crap for $800K plus, so we gave up. We’ve been looking to maybe buy in the new development in San Juan called Valinda. The biggest problem is that a dumpy 1400 sq ft non updated rental home anywhere in south OC is $3000 per month, and that’s what our mortgage would be for a new house, twice and big, and 10 times as nice; so like Larry has said before, we’ve been getting nudged closer to buying for this reason. I’ve been following the housing debacle since 2003, and I still consider expatriating every day, if only I could get my wife on board……..
Thanks for the kind words. I’m glad my writing has been of value to you.
Hey moron,
Do you realize 10 cents on the dollar would mean a $500K house sells for $50K. A MILLION dollar home for $100K. A $100K home for $10K…
In your DREAMS buddy.. Bears like you, give regular housing bears a bad name!
Lol!! El O has indeed gotten more extreme as this market improves. Seems like he’s doubling down on the end of world predictions now. It’s fun to see others recognize this and chastise him for it.
“end of the world predictions” ?? LMAO!!
did the world end at the lowest lows of the Great Depression?
Uh… No!
Also, re bb above–solving a 2nd grade math question = ”chastise” ? LMAO!!
Dude, you’re lose’n it…morphed into a full-fledged drama queen. just say’n
Sorry, your advice to keep some ‘dry-powder’ handy must have been taken out of context. Again, my apologies.
Will the courts start giving away free houses in Florida?
Court Unlikely to Favor Homeowner in Florida Foreclosure Case: Moody’s
If a lender produces a fraudulent document when attempting to foreclose on a borrower, should lenders be able to voluntarily dismiss the foreclosure then re-file the case after fixing the error?
The answer to this question is currently being decided by the Florida Supreme Court, which heard arguments May 10 for a case titled Roman Pino v. Bank of New York Mellon.
If the court does rule in favor of Pino, this would mean servicers could no longer fix documents and later refile foreclosures, which would stall or lead to the dismissal of foreclosures and make it even more difficult for the judicial state to proceed with foreclosures.
While a decision has not been made, Moody’s Analytics said in a report that the ruling is not likely to fall in favor of the defendant Pino, who is the homeowner the bank tried to foreclose on using a fraudulent assignment of mortgage, or a document serving as proof the mortgage has been transferred from the original owner to a third party.
In its analysis, Moody’s pointed out that two previous rulings and the Justices’ remarks at oral argument already express the unlikelihood of favor towards the homeowner.
The trial court and the entire body of the appellate court voted 9-2 against the defendant, and the Justices stated Florida law already has sufficient remedies and sanctions to deal with fraud.
Moody’s said, “[t]hese include the ability of a homeowner to challenge a completed foreclosure obtained through fraud, the availability of sanctions against those who knowingly make false statements to the court, and the recent amendments to the Florida rules requiring verification of the ownership and right to enforce the mortgage note and giving greater authority to sanction plaintiffs who make false allegations.”
Expressing concerns over the effects of a ruling in favor of the homeowner, the Justices also addressed the potential impact of a ruling in favor of Pino on non-mortgage civil litigation, Moody’s stated.
However, if the court was to rule in favor of the homeowner, Moody’s explained the consequences would be limited because the ruling would only be applicable in cases involving fraudulent documents, not document flaws born out of careless mistakes.
Even though proving fraud would mean showing a false statement or action with the intent to deceive, Moody’s said a flawed document without fraud would still slow down the foreclosure process due to having to go through a hearing to try and prove fraud.
This would create an even greater backlog of foreclosures in a state known for having a high percentage of foreclosures. Recent data from CoreLogic revealed the state has the highest percentage of mortgages in foreclosure inventory out of all states. Also, the Florida Realtors reported the state holds nearly a third of all shadow inventory nationwide, with shadow inventory counted as the number of distressed properties not listed on the market.
over in Lansnerland… Gary French continues to ‘keep it real’.
http://lansner.ocregister.com/2012/06/11/fewest-o-c-homes-for-sale-in-7-years/163509/
Steve Thomas gets it right:
“I often compare the current market activity to 2005, a very hot year for Orange County housing. However, back then short sales and foreclosures were unheard of. The market will be absorbing distressed sales for years to come, putting a lid on rapid inflation.”
I think Gary French is the former Strategic Renter.
We’re seeing boomerang buyers coming back to the market. So far, out of the multi-dozen I’ve spoken to so far, 1 had a compelling case for hardship: two job losses after a required interstate transfer by his wifes employer who also lost her job. The rest are con men, grifters, and broken families due to someone not keeping things zipped up.
These are the successful home buyers, capable of escaping a self generated mountain of debt with only a bill from the moving company and fewer nights out to dinner than they had enjoyed in the past. Once this generations kids become fully productive consumers, imagine the standardless world it will result in.
My .02c
Soylent Green Is People.
“Once this generations kids become fully productive consumers, imagine the standardless world it will result in.”
We will have an entire generation who sees mortgage equity withdrawal as an ATM machine each person is entitled to for merely signing some loan papers. The smart ones will remember to store a hundred thousand dollars in a safe deposit box for those pesky crashes that reset the ATM machine.
When need to follow this article with “Heroes” in the Real Estate History. We have the guy the invented the neg am loan, or the bank that issued most subprime loans. The agent that invented the phase “Real Estate only goes up”. TLC to showing “reality” flipping shows like Armando Montelongo. Investment bank that packaged the most option arms loans with teaser rates.
That would be a good post. I will do some research.
+ 1
BTW: The Option ARM was heavily sold by the original owners of World Savings, but I don’t know if they created them. Most ARM loans of that type grew out of Government loans that were introduced during the 1981 or so rate spikes. Graduated Equity Mortgages (GEM’s) were one type, but since I was but a wee tyke back then I can’t recall much more about the loans.
Option ARMS, like handguns, are safe, providing they are held by someone who knows what the heck they’re doing. When everyone is given a hand cannon, blood flows in the streets – as it did during the Option ARM boom.
All this is a result of too much free time. Idle fingers. The slave plantations in the far east could fail and the jobs return. If not, prepare for a continued reduction in the standard of living for most of the western worlds’ workers and more wealth for the plantation owners and their franchisees.
“…I get a small pang of jealousy. There was so much free money given away by stupid lenders, sometimes I feel like I missed a great opportunity.”
That is such an understatement for me. I almost wanted to refi 125% LTV at the peak of the housing market, just to do exactly what I forsaw what these people are doing now. But I just cannot make myself do it. It’s whether you believe in money, or you believe in God, and you cannot worship both. There are so many things in this world that just don’t make any sense to me, but one simply needs to make a conscious choice everyday to do what one believes in.
Your blog is one of the better one for sure. Keep it up.