Investigators are searching not only for lenders who have sold materially deficient loans to Fannie and Freddie, but also individuals, including those who reneged on their promises to repay their mortgages. So if you are a “strategic defaulter” who decided it was better to walk away from your obligation than to keep paying for a house that was worth substantially less than you owed, it’s time to start looking over your shoulder.
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These are not just borrowers who made a personal, strategic financial decision not to pay. In some cases, they remained in their houses for months or even years, living free on the government’s dime — and yours and mine — before moving on. In other instances, they profited handsomely by renting their properties to unsuspecting tenants, collecting rent for many months but never paying lenders.
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If there is any indication that you falsified information on your new loan application, the OIG is “absolutely” going to refer you for criminal prosecution, Wolfe said. “We’re not just going to demand repayment,” he said. “We’re going to lock (people) up.”
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Mortgage cops taking tough stance
Office of Inspector General on the prowl for strategic defaulters
Strategic defaulters, beware. The feds are coming for you. And they are not happy.
Not the FBI. The Office of the Inspector General at the Federal Housing Finance Agency.
The OIG may not have the same fearsome “G-man” reputation as its better-known counterparts at the Federal Bureau of Investigation, but it is every bit as much a law enforcement agency, with the same powers to search, seize and arrest. Special OIG agents are even authorized to carry firearms.
The OIG’s mission is to seek administrative sanctions, civil recoveries and criminal prosecutions against anyone who abuses the FHFA’s programs. And it is pursuing its calling with passion, if not vengeance.
Rest here…
Sounds like they are getting really desperate…
Scare tactics at best…
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Our government has just declared war on it’s populace. This is not going to end well.
WE THE PEOPLE should throw the DEADBEAT BANKSTERS in the FEMA CAMPS. The traitor politicians and their criminal friends in Gitmo. They caused this, and it was intentional.
CNN guest just said…..the PRIVATE SECTOR is in free fall.
My take, if the PRIVATE SECTOR is in freefall, so is the PUBLIC SECTOR.
The PRIVATE SECTOR fuels the entire economy….as the lousy economy proves…and we are running on fumes.
Is this any surprise? Not only did they prey upon you financially, they’ll potentially take away even more. Debtors prisons may once again become fashionable. We have an aggressive push now, timed, not by coincidence. It’s not enough to be stunned by the surrealness of it all, since that’s what victims from the past have always felt. I love the way the article suggests that people have been living in their homes “on the government’s and taxpayers dime”. Nothing could be further from the truth.
Thats about the quickest way I know to start a civil war. We all have to die someday so why not die defending the truth and finical terrorism these bastards are committing. So not only are we going to steal your home and give it to the Criminal Bankers we are going to raise the stock price of the private prison system in America and put people is jail.
Oh yes, let’s go after the ‘commoner’ and lock ’em up when the Wall Street comies and the government cohorts live the life of luxury (on our wealth) without any reprocussions from the judiciary branch! Crime DOES pay! The OIG is nothing but a lame gov’t branch that is there just for ‘show’! It’s all so disgusting.
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