A great read from CNN Money.com on the story of Richard Bitner and his failed lending business. And remember as I commented on a few days back many of these loans issued in 2006 aren't even due to reset until 2011 so it is completely possible many people still may not even realize what is coming. One thing is known, however, there are some really horrible stories coming out of this mess and they are sure to continue for some time to come. I can't stress it enough, if you are a buyer, do your due diligence and find a trustworthy, honest and responsible realtor, lender, appraiser, inspector, etc.
"The broker, buyer, appraiser, and realtor all conspired to perpetrate this fraud," said Bitner. Indeed, just about all the documentation was falsified.
Don't forget to check back to Dan's Deep Creek Blog for future updates.
No comments:
Post a Comment