Now everyone in the world knows how risky subprime mortgage loans are…but what about before the bubble burst. Why now are so many mortgage brokers being arrested for lying on applications when the W-2 stated loan was based on misrepresentation. Stated income loans have many variations, but let’s start by being general. Initially these loans were given to self employed borrowers whose tax returns were not indicative of their true income – tax fraud. So at its inception, the stated loan is based on fraud. Then banks began widening those who could qualify for stated loans, including borrowers who were paid by W-2. If you receive a W-2 and a paystub , why would you choose to take a 10% interest rate over a 6% rate? Innately, the stated income loan is fraud… So why are the banks not criminally responsible?
- In a time when the public is urging prison reform and budgets are swelling, why does the Bureau of Prisons systematically ignore their authority to use alternatives to prison?
- “It is no wonder that Danbury inmates were not given halfway house recommendations as the Second Chance Act dictates… they had to pay”
- On the Heels of the sentencing THIS WEEK of a former prison corrections officer…now the FBI has exposed a new BRIBERY SCHEME?!
- Sexual Assault and Female Inmates in Danbury,Connecticut in The News today…More Common than you think!
- Your Visit to Philadelphia- To the Attention of Director, Charles E. Samuels, Jr., Bureau of Prisons:
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