Posted by 101livescan on 3/24/13 9:34am
Msg #462758
College Loan Fraud, not just Home Loan Fraud
http://www.postandcourier.com/article/20120220/PC16/302209998
This is just one example.
Did you know that just about any one can go online and apply for a college loan using their own SSN or someone else's and apply for a college loan, a check will be mailed to the home address, and it can be negotiated, and never be paid back, and the banks have a helluva time collecting, and these are now being investigated by the individual State's AG offices, the US Attorney's office, local DAs and even parents, aunts and uncles, etc. are doing it? The families of the victims are doing it to their own? Is this the craziest thing you've ever heard of? This is simply unfathomable to me. I can't believe that people would do this to their own children! Mothers and fathers taking out loans in their children's names, thinking these loans will go undetected and uncollected! Brothers and sisters doing it their own siblings, people doing it to people living under their own roof because they have access to their personal financial information.
Since 2004, my sister and I have been court appointed conservators for my nephew who was nearly beaten to death by his bipolar girlfriend, but survived with major brain impairment. Justin receives a monthly disability stipend of around $750. You cannot put a pet in a kennel for this measly amount of money. Annually we are called into Santa Barbara conservator's court with our attorney before the judge to account for how those funds are spent. They don't quite cover all his meds, be assured, not to mention food, clothing, muscle milk, vitamins, gym membership, personal grooming, gas to transport Justin to weekly drs. appts and everywhere else, entertainment, maintenance of his dog, Moon Pie, for him life without dog would be meaningless, so it's a partnership.
We wouldn't think of it! We're more worried about his quality of life and existence after we're gone than how we exploit him while he's here.
I'd just like to know how people do this sort of thing to their own kids.
So back to my rant. People are out there in record numbers taking out loans fraudulently using other people's personal information. It's not millions for themselves, but collectively it is millions of dollars in losses for banks, and these losses get passed onto honest consumers.
The cost to prosecute these wrongdoers is also passed onto consumers like us.
Too bad we can't just press a button and send these people down the hatch to Davey Jones' locker so to speak cuz after they're prosecuted they are unemployable by law abiding companies and their only recourse to earn a living is to become self-employed, self-governing so they don't have to be law abiding.
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