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Hot Air from the RE Bubble

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September 26, 2007 – Comments (7)

So here's how it was done! (Props to HousingDoom for digging this up.)

 

7 Comments – Post Your Own

#1) On September 26, 2007 at 11:32 AM, kristm (99.75) wrote:

fools and their money... I have little sympathy for these people. They made some ill-advised investments that they could not afford or understand and now they're paying for it. Read stuff before you sign it or walk away. 

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#2) On September 26, 2007 at 12:22 PM, saunafool (98.80) wrote:

Sure, these people were duped, but does that mean that what the dupers did was right? You can always find someone to fall for a con, but con men are still criminals.

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#3) On September 26, 2007 at 12:51 PM, FourthAxis (< 20) wrote:

Uh, did they get these promises in writing?

I'll tell you what is in writing, the fraudulent documents that these people signed.  Hmmm...that's a new one, victim endorsed fraud.

Great find Bent.  That should add at least 20 points to the S&P.

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#4) On September 26, 2007 at 1:44 PM, TMFBent (99.82) wrote:

Yeah, I have trouble seeing any real victims here.

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#5) On September 26, 2007 at 1:59 PM, floridabuilder2 (99.26) wrote:

As a representitive of VFM Investment group, I am very disappointed in this slanted piece... the media can not be trusted... look at Dan Rather...

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#6) On September 26, 2007 at 2:11 PM, Imperial1964 (97.74) wrote:

"Victim endorsed fraud"?  That's been around for years.  I first ran into it about 5 years ago.

It was a complicated scam, involving buying and leveraging life insurance policies from overseas insurers and sharing the profits (ha!) with the victims.  They would (supposedly) buy life insurance on as many people as the scammers could con out of their personal information (read: a false pretense as a cover for identity theft, insurance fraud, money laundering, etc). 

Anyway, all you had to do is give them your personal information and set up an off-shore bank account in your name for them to deposit your money in, so that it remains tax-free of course.  Oh, and not tell the authorities, because you don't want them to know about your fraud and attempted tax evasion, do you?

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#7) On September 26, 2007 at 2:29 PM, FoolishChemist (97.02) wrote:

There is always one thing I ask myself when someone presents a get rich quick scheme.  "If this is such a good deal, why are they telling me about it?"  If that Mortgage guy have all those people lined up to rent, why didn't he just buy the houses and make money himself?

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