Sex, Lies, and Subprime Mortgages

Sharmen Lane went from manicurist to millionaire loan wholesaler

Ethan Hill


Sex, Lies, and Subprime Mortgages

The sexual favors, whistleblower intimidation, and routine fraud behind the fiasco that has triggered the global financial crisis…

Mara Der Hovanesian

Everyone’s been asking, “How did this happen?”

How did the economy get to this place?

The full impact of what the corporate executive teams were doing at some of the country’s largest and most venerable institutions has astonished many of us.

They took their companies, ran them into the ground, all the while taking multi millions of dollars and putting it into their own personal pockets.

And the housing industry?

Well this article in Business Week is a real eye opener.  It’s disturbing…on so many levels…

What has been going on in some areas of the mortgage industry is outrageous!

Let me be very clear…this does not mean everyone; but rather the article points out the behavior of certain companies and executives who used the mortgage business for personal conduits of sex and money making spiggots.

It’s outrageous.

They have caused us to lose decades of hard work building towards retirement.

They should be thrown in jail…do not pass go…straight to jail.

From my experience with the last banking crisis, only a very few will be made an example of, and the vast majority will go scott free …with their WEALTH intact


Sex, Lies, and Subprime Mortgages

The sexual favors, whistleblower intimidation, and routine fraud behind the fiasco that has triggered the global financial crisis…

It may seem like ancient history now, but not long ago the mortgage industry was turning ordinary people into millionaires. One of them was Sharmen Lane, a high school dropout who, like many other young women during the boom, found her way into an obscure banking job with the clunky title “mortgage wholesaler.” Her experience—and the experiences of other wholesalers like her—offers a glimpse into the recklessness and indulgence that drove the industry to ruin…

JOHN PRESCOTT

BostonKayakGuy

Top Real Estate Agent for more than 14 years, serving the real estate needs of  Wellesley, South Natick, Weston, Needham, Wayland, Newton, Framingham and other MetWest communities.  www.johnprescott.net

JOHN PRESCOTT

Vice President

Century 21 Commonwealth

508-523-9252

BostonKayakGuy…The MetWest Scene
Reblog this post [with Zemanta]
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: