Posted by Stamper_WI on 12/31/07 7:12pm
Msg #228385

More from FASS

Their comments on whatever they decide to comment on sound weaker and weaker-Z

First American Exec Identifies Source of Mortgage Meltdown
December 14, 2007 · 2 Comments
The Deseret Morning News reports:

Speaking Thursday to the Utah chapter of the Commercial Real Estate Women (CREW) Network, Blake Heiner, vice president and regional counsel for First American Title Insurance Co., said fraud is a key component of the current mortgage meltdown.

“Right now, the focus (of many fraud schemes) is on real estate, because that market has been going up, home values have been going up,” he said. “It’s been easy money.”

That clears it up. I had thought is was the greed of those running the Real Estate and Mortgage industries. It looks like offering ill-advised products, profiting off of conflicts of interest, the willful disregard of good business practices, and sloppy oversight of operations that helped perpetuate abuses like fraud weren’t really causes at all.

Blaming the subprime victim for the industry’s excesses isn’t working. Blaming the victim never does. So it appears the Real Estate industry will try to play the victims. It might be hard for them to generate sympathy, seeing how they created the optimal set up for the fraud to occur in the first place.

Reply by Stamper_WI on 12/31/07 7:14pm
Msg #228386

The above was from Clearingtitle

Reply by Susan Fischer on 12/31/07 7:15pm
Msg #228387

<chortling nod> Right on, Stamper. Right on. n/m

Reply by Stamper_WI on 12/31/07 7:37pm
Msg #228395

Re: <chortling nod> Right on, Stamper. Right on.

I can take credit only for the first sentence, the rest is all some one else's. But I wish I had said it all so eloquently. It somehow makes looking down to the SA as a weak link in the process a little silly. If they can't police themselves how can we?

Reply by Susan Fischer on 12/31/07 8:17pm
Msg #228407

Exactly. (Pay no attention to that [crook] behind the

curtain.)

It just struck me - it's rather like accusing the 'last person to see her alive' by virtue of that very fact. We're the live body, and most often (aside from RMs) the only actual people borrowers encounter. We're just the next link up the chain, the last person to see them alive.

Anyway, the pitiful attempts to blame the victims is wearing thin. A speech by a FASS fatcat ignored completely the greed far and wide that allowed this runaway train.

And, I caught that you didn't write it, still, right on for posting it.