nortex97 said:
Yes but those are just too complex an analysis. She said initially it was a vacation home to get a loan estimate, then when filing the legal paperwork for the loan it came back at a higher rate when she switched to making it her primary residence, and what do you know, that fraud got her a lower rate.
If this is true, it is a smoking gun as evidence of Bank Fraud. That would just absolutely doom her. Even an 8th grader could see that clear as day.
One important thing to note is that mortgages are not one-off loans between a bank and a home buyer. They are packaged together into bundles, and the principal and interest payments on the collective pool of loans paid to 3rd party investors. This type of fraud, where a borrower lies to the bank about their financial / life situations in order to get a mortgage, is exactly the thing that led to the 2008 financial melt down. It's only one step in the wrong direction of proper due diligence, but, such behavior should be stopped immediately, not ignored until it turns into a recession-causing problem.
Furthermore, if it comes out that the bank that provided the loan encouraged Cook to lie, and then sold the loan for packaging into an MBO or the like, the bank that provided the loan is also likely guilty of fraud to the packagers, and the individuals that worked for that bank are also likely guilty of breaking criminal laws related to bank fraud.
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About this legal argument, assuming that the assertion is true, that her job is a property right that deserves its day in court, isn't the proper remedy cash, not an injunction to keep her job?
If I say that the government illegally took my personal property away in any other situation, the remedy isn't to make the government give me my property back until my litigation is over, the proper remedy is for me to take the government to the Court of Claims where I can get fair compensation for my property.
Right?
It takes a special kind of brainwashed useful idiot to politically defend government fraud, waste, and abuse.