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Warren's "Buffet"


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Mortgage fraud leader sentenced to jail

 

The ringleader of $4 million mortgage fraud scheme in Atlanta is heading to prison for nine years and seven months.

 

A number of people participated in the scheme, including real estate appraisers, closing attorneys, straw purchasers, straw sellers, investors, loan processors, and insiders at various verifying agencies and lenders.

 

CROOKS! ALL CROOKS!

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Buffet anyone?  :lol:

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Is the "Buffett Rumor" trying to tell us sumpthin' ?

 

Recall that the last Buffett Rumor surfaced on Friday, July 13 when he was supposedly about to buy a stake in Hovnanian, the sorry-ass homebubbler.

 

Turned out to be a bogus-ity.

 

But it was good for a 25% boner.

 

The SPX topped the very next day, hung in mid-air for another 4 or 5 days, then the waterfall commenceth.

 

Note that the Feb waterfall coincided with yet another fake rumor: a Dow Chem LBO.

 

Perhaps these fake rumors are the Pigmen? giving each other the high sign. Have we broken the code?

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They "get an inflated appraisal for it, resell it a couple of times over, and when they think they have run the course on that scheme on that particular property, they just walk away from it, and walk away from the mortgage."

 

The scheme affects more than just lenders. Innocent buyers are hit, too. The crooked appraisals have a ripple effect: "Comps" ? or comparable assessments ? made on the value of other houses in the neighborhood yield inflated prices. That means innocent buyers end up overpaying for their houses and are saddled with an overvalued, hard-to-sell property.

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Shorted YM at 13997!!

 

Take her down boys!

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just in from the Carl Futia crystal ball.......

 

Spiders - December S&P Futures: The market held short term support at 1522 yesterday and should now rally to 1590 or so. (Corresponding levels for Spiders are 150.50 and 158.00.)

 

http://carlfutia.blogspot.com/

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Thank goodness. Now all we need is Abbey Jo on TV and bears are in bidness.

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Kwave,

 

Any thoughts?

A whole lot of nothing over the past year.

Every jam have retraced 75% of the move.  I'll look to short the gap up tomorrow.

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It looks like a potentially bullish event to me...maybe the start of a final parabolic spike, similar to TOL or NVR in 2004?

 

Gapped over a declining 50 day MA after holding the 200...it may pull back over the next week or so, but until it breaks 535, it looks like go long or stand aside signal.

 

A break of 535 most likely would mean crash dead ahead...

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Went forclosure (mostly pre -forclosures) shopping here in vegas.....put in some crazy low offers just to see if banks are desparate.

 

Doubt anything comes of it.But if they take my bid,it will be alot cheaper than even renting.All the houses are less than 2 years old.....

 

Saw some total [email protected] too....water damage,doggie destruction,odors from hell :(

 

 

Some of them were sold in the mid 300's....offering mid 100's.

 

Looked at 12 homes....11 were vacant :o

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My friend who lives in Vegas tells me it is ground zero for the pricking of the bubble....I told him Kali is trying to give his state a run for their money... :lol:

 

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Things are so bad here in vegas,the house I am trying to get is absolutely pristine...3 bed 2 bath,built in surround sound,alarm,whirlpool tub,corian counters,beautiful neighborhood on the nice side of town.less than i year old...BUT.......

 

Not 1 offer on it in six months :o ,been vacant for six months....Even if they had an offer,90% of buyers would not even qualify for a mortgage.They better think twice about rejecting my CASH OFFER and close within 7 days of search of clear title <_<

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