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Judge Judy: Before the Mortgage Crisis

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October 27, 2010 – Comments (4)

Another real estate bubble classic - In this case from early 2007 you can see the high ethics and intelligence that permeated even the bottom reaches of the mortgage industry before the crisis. A Google search reveals that the defendant later appeared on Judge Joe Brown, and in 2009 was arrested for welfare fraud.

4 Comments – Post Your Own

#1) On October 27, 2010 at 11:13 PM, abitare (35.58) wrote:

One of my favorites - 

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#2) On October 28, 2010 at 12:29 PM, Pick1es (23.53) wrote:

that commercial is depressing

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#3) On October 28, 2010 at 1:33 PM, engstocker (< 20) wrote:

$4,000 commission to refinance a 250k loan? Wow, no wonder there was so much fraud committed pushing loans through. That's alot of incentive. It amazes me a whole bunch of people aren't in jail.

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#4) On October 28, 2010 at 5:45 PM, leohaas (31.56) wrote:

The commission structure for loans must change. A broker must get a stake in whether the borrower actually pays, rather than a commission up front. So not a percentage when the deal closes, put a percentage of the mortgage payment when paid (monthly) to the lender. That way, brokers will only pursue good loans.

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