FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Chris Warren and his fraud confessions View next topic
View previous topic



Post new topicReply to topic
Author Message
jupi1972
Dud?


Joined: 08 Nov 2007
Posts: 4

It's not capitalism
PostPosted: Thu Feb 05, 2009 9:11 pm Reply with quoteBack to top

Capitalism is not the problem. Its corporatism, otherwise known as fascism. Corporations are not individuals and shouldn't have the same rights(or more in some cases) than people. There hasn't been a true free market since central banks started manipulating the currency. I'm sick of the Keynesian/Friedmanite argument. THERE IS NO PURE SYSTEM THAT WORKS!. Its called balance and that's what we're missing.

_________________
"We are now taught to believe that legerdemain tricks upon paper can produce as solid wealth as hard labor in the earth. It is vain for common sense to urge that nothing can produce but nothing; 'in the sweat of his brow shall he eat his bread.'" --Thomas Jefferson
View user's profileSend private message
Mtgbiz89
Demolition Man


Joined: 18 Dec 2007
Posts: 2210
Location: New England

Re: Chris Warren and his fraud confessions
PostPosted: Thu Feb 05, 2009 9:52 pm Reply with quoteBack to top

What a stand up guy NOT!

He fled the country on 2/2 via a private jet!

Unbelievable along with the Ponzi scheme with Loomis.

Randall thanks for sharing!

_________________
WHAT HAVE YOU DONE TO PUT A SMILE ON SOMEONE'S FACE TODAY????
View user's profileSend private message
atlburning
Dyn-o-mite!


Joined: 06 Aug 2007
Posts: 303
Location: Atlanta

From his website
PostPosted: Thu Feb 05, 2009 10:09 pm Reply with quoteBack to top

HOW IS IT POSSIBLE?
That Flagstar Mortgage didn’t catch Lender Services Direct Inc., and Loomis Wealth Solutions conspire with correspondent lender Excel Funding to steal over $5,000,000 in seller-proceeds that are now missing.
That CITI Mortgage didn’t catch correspondents Mortgage Bank of California and Bondcorp Realty Services over-financing over $30,000,000 in bad mortgages with cash-back purchases for straw buyer groups? How many of these loans are already now owned by our government, tax-payer subsidized, FNMA and Freddie Mac?
That GMAC Mortgage LLC., bought over $3,000,000 in mortgages secured in the Orlando Academy Cay Club aka “The Greens” on appraisals for over $400,000 when there are over 30 active listings under $125,000?
Taylor Bean and Whitaker didn’t catch on that over $5,000,000 in mortgages sold to them were never actually recorded?


The investors, the government, are all trying to tell the general public that they have fixed the problem, and that they have tightened credit guidelines, stepped up fraud prevention. In reality, the only regulation occurring in mortgage securitization today even tough the government now is using tax payers dollars to secure over 95% of mortgages funded through HUD, FNMA, Freddie, Ginnie, VA, is happening through prosecution.

This doesn’t work. Regulation shouldn’t mean investigation. Regulation needs to be pro-active. Regulation needs talent. Companies need to actually implement true anti-fraud technologies. More information sharing is needed between depositories, the IRS, county recording information, and the lenders and investors.

How is it possible?

It is time to force and demand change. Our current economy crisis started with the rapid and excessive sub prime funding and continues because of continued fraud and the lack of the regulators, the government, and the investors to adequately address the issue. I don’t care how many software programs are built to detect fraud, they can all be beaten.

It is time for a change. And it is time to force the change. For the sake of our federal government, our tax payers, and the institutional integrity and confidence in the American securities and real estate markets.

I guess he feels pretty safe wherever he flew in his jet.

_________________
Failure is only a new opportunity to succeed.
View user's profileSend private message
lars
Flash in the pan


Joined: 20 Feb 2008
Posts: 83
Location: PA

Re: Chris Warren and his fraud confessions
PostPosted: Thu Feb 05, 2009 10:31 pm Reply with quoteBack to top

if you read his diatribe closely. you can see he is already posturing himself to make a plea. you watch. i bet he tries to cut a deal and become either an informant or to try to get hired like he says to work for the government as a fraud agent...why not. it's not like their aren't crooks there already. ie: the whole damn treasury dept.

_________________
Where are the Realtors in all this mess?
View user's profileSend private message
anemoney
Dud?


Joined: 26 Jan 2009
Posts: 10

I can assure you that all of this is true
PostPosted: Thu Feb 05, 2009 10:37 pm Reply with quoteBack to top

I live and work in Sacramento and have actually met this guy. I worked at AMC for a couple of months before i figured out how things worked. This guy always led the area in origination. Big baller as they called him. superstar certainly. I had heard about the Loomis problems but was never aware of the size of the operation. Just unreal. But all true I believe
View user's profileSend private message
veteran
Flash in the pan


Joined: 08 Nov 2007
Posts: 34
Location: Chicago

Re: From his website
PostPosted: Thu Feb 05, 2009 11:02 pm Reply with quoteBack to top

atlburning wrote:
HOW IS IT POSSIBLE?
That Flagstar Mortgage didn’t catch Lender Services Direct Inc., and Loomis Wealth Solutions conspire with correspondent lender Excel Funding to steal over $5,000,000 in seller-proceeds that are now missing.
That CITI Mortgage didn’t catch correspondents Mortgage Bank of California and Bondcorp Realty Services over-financing over $30,000,000 in bad mortgages with cash-back purchases for straw buyer groups? How many of these loans are already now owned by our government, tax-payer subsidized, FNMA and Freddie Mac?
That GMAC Mortgage LLC., bought over $3,000,000 in mortgages secured in the Orlando Academy Cay Club aka “The Greens” on appraisals for over $400,000 when there are over 30 active listings under $125,000?
Taylor Bean and Whitaker didn’t catch on that over $5,000,000 in mortgages sold to them were never actually recorded?


The investors, the government, are all trying to tell the general public that they have fixed the problem, and that they have tightened credit guidelines, stepped up fraud prevention. In reality, the only regulation occurring in mortgage securitization today even tough the government now is using tax payers dollars to secure over 95% of mortgages funded through HUD, FNMA, Freddie, Ginnie, VA, is happening through prosecution.

This doesn’t work. Regulation shouldn’t mean investigation. Regulation needs to be pro-active. Regulation needs talent. Companies need to actually implement true anti-fraud technologies. More information sharing is needed between depositories, the IRS, county recording information, and the lenders and investors.

How is it possible?

It is time to force and demand change. Our current economy crisis started with the rapid and excessive sub prime funding and continues because of continued fraud and the lack of the regulators, the government, and the investors to adequately address the issue. I don’t care how many software programs are built to detect fraud, they can all be beaten.

It is time for a change. And it is time to force the change. For the sake of our federal government, our tax payers, and the institutional integrity and confidence in the American securities and real estate markets.

I guess he feels pretty safe wherever he flew in his jet.


How is it possible???? Because we the sheeple are making it all possible. It was all orchestrated. And now we all sit idly by and allow the greatest theft ever. We will all pay for this for decades to come, while the "elite" class in this world sits back and keeps tweeking their master plan. Change??? There will be no change. That was all part of the plan too. To keep us restless sheeples placated for just a little while longer.

_________________
A recovering mortgage professional.
View user's profileSend private message
jjustme9
Dud?


Joined: 06 Feb 2009
Posts: 8
Location: California

Mortgage Fraud
PostPosted: Fri Feb 06, 2009 3:23 pm Reply with quoteBack to top

I have to say, for all those who doubt that places like this existed, they do. Even at Long Beach Bank in the early 90's. Subprime lenders were not the only ones committing such fraud. Banks themselves that high producing 'rings' where exactly such things would take place. I know because I blew the whistle on one at a very large bank. This was not a small operation either. It spanned from SC to CA and ran for nearly 10 years. While Mr. Warren's fraud is blatant, there are others that just get excused. At almost ALL the major banks stated income meant, you state the income needed to qualify. Underwriters were forced to look the other way, were incentivised for production or were just too green to catch on. The system is corrupt from the top down!! Mr. Warren is right about one thing, the people in charge are part of the problem, either through ignorance or oversight. The fraud investigator at the bank didn't understand credit, real estate and how this type of fraud can be perpetrated. There are several good people still left in the business, but they are getting shut down because the cannot compete with the companies that will win at all cost.

_________________
JJustMe9@gmail.com
View user's profileSend private messageSend e-mail
turbo
Cherry Bomb


Joined: 11 Jan 2008
Posts: 112

Re: Mortgage Fraud
PostPosted: Fri Feb 06, 2009 4:13 pm Reply with quoteBack to top

jjustme9 wrote:
I have to say, for all those who doubt that places like this existed, they do. Even at Long Beach Bank in the early 90's. Subprime lenders were not the only ones committing such fraud. Banks themselves that high producing 'rings' where exactly such things would take place. I know because I blew the whistle on one at a very large bank. This was not a small operation either. It spanned from SC to CA and ran for nearly 10 years. While Mr. Warren's fraud is blatant, there are others that just get excused. At almost ALL the major banks stated income meant, you state the income needed to qualify. Underwriters were forced to look the other way, were incentivised for production or were just too green to catch on. The system is corrupt from the top down!! Mr. Warren is right about one thing, the people in charge are part of the problem, either through ignorance or oversight. The fraud investigator at the bank didn't understand credit, real estate and how this type of fraud can be perpetrated. There are several good people still left in the business, but they are getting shut down because the cannot compete with the companies that will win at all cost.


Well put. Believe it or not, even with the current environment of tightened guidelines, there are still companies and individuals out there who are operating in the same slimey manner that they were a couple of years ago. The "get it funded by any means" mentality is still at work. It really burns me up to see these crooked characters continue to profit while so many honest people in the business have had to step out.
View user's profileSend private message
jwerner
C-4


Joined: 20 Jul 2008
Posts: 1140
Location: Cleveland, OH

Re: Chris Warren and his fraud confessions
PostPosted: Fri Feb 06, 2009 10:10 pm Reply with quoteBack to top

Did y'all read the arrest warrant? The special agent for the Treasury was very unprofessional in his affadavit: Unbelievable. He used phrases like "lots of things" and "in a nutshell" and had arrows drawn in his document for the magistrate/judge to sign. This really stuck out when I read it. It's such a joke that a man in our federal government has to be so unprofessional. How sad.

And is this the best we can come up with: The IRS? Sad.

Even sadder; we hired these regulators and prosecutors. It's my argument that the fraud is allowed because we put a bunch of crooks in Congress.

Very interesting in Mr. Christopher Warren's remarks though, which I believe are true and his own, he argued that the people the federal government hired in the FBI and in the USDOJ are basically stupid and lazy. I've been learning that 40-60-year-olds whom are not trained properly are hired for a specific reason: Puppets to ignore the fraud.

But you know what; they'll all get what comes to them. The Bible says the wicked perish in their own corruption. Just look at Christopher Warren, he confessed.

Thanks,
Jason

_________________
Woe unto them that decree unrighteous decres, and that write grievousness which they have prescribed;
Isaiah 10:1
View user's profileSend private message
syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: Chris Warren and his fraud confessions
PostPosted: Sat Feb 07, 2009 2:33 am Reply with quoteBack to top

cannot say the boy didn't have some stones.

wow.

I still say he may have a future in politics.., hey you can get elected with a conviction.

..and it's the only lender left in town, what does that tell you ?

wtf.

people encouraged him to do that, you don't just give someone $212395871527 dollars without knowing what they are doing ??

excuse me ?

be it any task great or small, do it well or not at all.

make it a great day.

_________________
Rule Numero Uno: Don't Kill Yourself, Kill Somebody Else.

Last edited by syntheticheroin on Sat Feb 07, 2009 7:42 am; edited 1 time in total
View user's profileSend private messageSend e-mail
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT