Quote:
Originally Posted by Slava
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.
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That I can agree with. He does have some blame for what happened but to what extent I really have no clue. He knew the guy that was asking people to do this and he thought he could trust him. The guy even scammed his own brother.
He thought he was simply helping a friend with a business opportunity and the house would be off his name in 6 months. In the end the courts will decide who was in the wrong or whether the straw buyers will be punished any further.