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Thread: Gotta be a SW dancer !!!- Charlotte Stripper gets Credit Suisse to admit Mort Fraud !

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    Banned Melonie's Avatar
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    Default Gotta be a SW dancer !!!- Charlotte Stripper gets Credit Suisse to admit Mort Fraud !

    from

    (snip)As part of today's subpoena of Credit Suisse over mortgages (which is yet another reason why when this is all said and done MBIA CDS will be back to trading spread from points), we encountered the following stunner. We won't bore you with details, so here is the gist: in a series of emails, represented below, we discover the beyond ridiculous story of a Charlotte stripper who had a Stated Income Loan with Credit Suisse, and when the Swiss bank decided to start backing into her actual income, which goalseeked to $12,000 a month (read the analysis on how this was achieved), which apparently raised some internal flags, and demanded that the loan be investigated, the broker claimed that the stripper's never formally disclosed income is credible and her loan should remain Stated. The last email in the thread: "Someone needs to go to jail on this one." And yet, nobody, not even Angelo Mozillo has, courtesy of the SEC. If there is one email thread that encapsulates all the excesses in the housing bubble, this is it. As for the rhetorical question at the end, we are confident that absolutely nobody will ever go to jail "on this one" or any other one for that matter.

    Start at the bottom and read up(snip)


    the entire train of e-mails is at the above link !!!!!

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    God/dess Zofia's Avatar
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    Default Re: Gotta be a SW dancer !!!- Charlotte Stripper gets Credit Suisse to admit Mort Fra

    $144,000/year is not out of the realm of possibility for a Charlotte stripper. But, I am not surprised that Countrywide wouldn't substantiate her information. For the most part Countrywide did little in the way of due diligence on any of their loans. The basic assumption was their borrowers would either pay off, or if they defaulted, (a .001% chance according to them) they would sell off the borrower's house for more than what was owed on it. Countrywide's assumption that the value of homes would rise continuously was the first in a long string of failures at that company.

    Z

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