Quote:
Originally Posted by puckluck
You can't see a scam when a guy makes millions and leaves over inflated mortgages to straw buyers who obviously can't afford the house?
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No the part of the scam I can't see is how your buddy was "scammed" into anything at all honestly. If you really want to know its amazing to me that someone would fall for this, and probably tell others how dumb they were for not doing the same thing. I would guess he was saying something along the lines of how easy it was and how he made $5k doing nothing?
That is the part of the scam I didn't see. I get the over-valuation of the houses and the bank writing a mortgage for more than they ought to and things like that. I have a hard time feeling sorry for them as well. This is how the bank makes money and they get offered chances to lend money out all day, every day. If they don't like the valuation of the collateral then they should say no...that is just business.