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The crooks selling subprime loans a couple years ago....

Discussion in 'Sports and News' started by poindexter, May 5, 2009.

  1. poindexter

    poindexter Well-Known Member

    are now in the loan mod biz... after a gentle slap on the wrist from the government.


    Michael Strauss, founder and former CEO of American Home Mortgage Investment Corp., has agreed to pay nearly $2.5 million to settle federal civil charges of accounting fraud and concealing the company’s deteriorating finances as the subprime mortgage crisis hit in 2007, the Associated Press reported last week.

    The Securities and Exchange Commission alleges Strauss and two other executives misled American Home’s auditor about the adequacy of the company’s reserves against losses on mortgages.

    Peter Bresnan, a lawyer for Strauss, didn’t return AP calls seeking comment.

    National Mortgage News reported this week that Strauss now has a loan modification company called InstaModify. Its Web site lists offices in Irvine, on Von Karman, and in East Meadow, N.Y. Seems like everyone has a loan mod operation these days.

    Run a scam, make truckloads of money, give the government a cut, then start up on the next scam. You gotta love our country.
  2. Grimace

    Grimace Guest

    Reason #1,909,908 why we need to scrap this capitalist system and go commie.
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