Comments on: The Mortgage Fraud Solution Our Legislature Doesn’t Want http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/ Pragmatic Libertarianism Sun, 23 Nov 2008 13:10:06 +0000 http://wordpress.org/?v=2.2.1 By: Jeremy Manning http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-84852 Jeremy Manning Fri, 09 Nov 2007 16:36:15 +0000 http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-84852 UtahTeacher, First of all...thanks for being a teacher! Second, thanks for your comment. I was a little bummed that this post didn't receive that much attention since this issue is a really big deal for our state. Mortgage fraud and money laundering are rampant here and it is all because our legislature is a wholly-owned subsidiary of the Utah Board of Realtors. UtahTeacher,

First of all…thanks for being a teacher! Second, thanks for your comment. I was a little bummed that this post didn’t receive that much attention since this issue is a really big deal for our state. Mortgage fraud and money laundering are rampant here and it is all because our legislature is a wholly-owned subsidiary of the Utah Board of Realtors.

]]> By: UtahTeacher http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-84512 UtahTeacher Fri, 09 Nov 2007 07:46:05 +0000 http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-84512 I've mostly read your blog for the education opinions, but I had throw in a big "Right on!" I've only become aware of Utah's strange stance on disclosure in the last 18 months as we bought our first house and I read <i>Freakonomics</i>. The secrecy hurts everyone, even the sellers--they have to buy again afterwards. I hadn't thought about it enabling all of the scammers and fraud (Dave Fox..."equity millers"), but that now seems obvious too. Great post. The money talks loudly on a lot of issues it seems... I’ve mostly read your blog for the education opinions, but I had throw in a big “Right on!” I’ve only become aware of Utah’s strange stance on disclosure in the last 18 months as we bought our first house and I read Freakonomics. The secrecy hurts everyone, even the sellers–they have to buy again afterwards. I hadn’t thought about it enabling all of the scammers and fraud (Dave Fox…”equity millers”), but that now seems obvious too. Great post. The money talks loudly on a lot of issues it seems…

]]> By: Dignin http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-82238 Dignin Tue, 06 Nov 2007 18:02:21 +0000 http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-82238 Jer, I like your point... "I argue that the main reason for this difficulty is that a large number of our legislators are either Realtors or they take lots of campaign money from the Utah Board of Realtors." I heard on the radio the other morning (x96's Radio from Hell, so take it for what it is worth)that theUtah Board of Realtors is the #1 leader for political campain funding in Utah. If it is true, there is the answer to why this will not change. In my oppinion it is the same reason that the Great US of A can re-invent things month after month to better our lives but in the 70 plus years we have had automobiles our means of fueling those engines has not changed. The people that have the money can afford to sway the masses! Jer,
I like your point… “I argue that the main reason for this difficulty is that a large number of our legislators are either Realtors or they take lots of campaign money from the Utah Board of Realtors.” I heard on the radio the other morning (x96’s Radio from Hell, so take it for what it is worth)that theUtah Board of Realtors is the #1 leader for political campain funding in Utah. If it is true, there is the answer to why this will not change.
In my oppinion it is the same reason that the Great US of A can re-invent things month after month to better our lives but in the 70 plus years we have had automobiles our means of fueling those engines has not changed. The people that have the money can afford to sway the masses!

]]> By: Daniel http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-77279 Daniel Tue, 30 Oct 2007 18:34:39 +0000 http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-77279 Jeremy, I'm not up on mortgage fraud as an issue, but who get hurt by these schemes? I can only assume the home buyers are getting scammed since I have very little sympathy for banks that get scammed--they are parties who should have a lot of knowledge about the market and there seems to be little reason they can't police themselves. I can only assume we are trying to protect the buyer, but the 10 Ways to Avoid Mortgage Fraud (linked on Dave's site) are very common sense. Maybe we should work on having people rely on common sense than believing in someone else's word. From the little I have read, the only thing that needs to be changed is common sense. What am I missing? By the way, it seems to me that one of Utah's biggest problems is testimony meetings. Here's one way to look at testimony meetings--we have a monthly ritual where our faith is strengthened by listening to people makes claims about the Truth. As a people I think we can become overly disposed to believe someone just because they say, "trust me" or "I know this works" or "expert may say X, but I know Y. I tried Y and it is amazing" etc. This is especially true if the scammer is a fellow Mormon. Jeremy,
I’m not up on mortgage fraud as an issue, but who get hurt by these schemes? I can only assume the home buyers are getting scammed since I have very little sympathy for banks that get scammed–they are parties who should have a lot of knowledge about the market and there seems to be little reason they can’t police themselves.

I can only assume we are trying to protect the buyer, but the 10 Ways to Avoid Mortgage Fraud (linked on Dave’s site) are very common sense.

Maybe we should work on having people rely on common sense than believing in someone else’s word. From the little I have read, the only thing that needs to be changed is common sense. What am I missing?

By the way, it seems to me that one of Utah’s biggest problems is testimony meetings. Here’s one way to look at testimony meetings–we have a monthly ritual where our faith is strengthened by listening to people makes claims about the Truth. As a people I think we can become overly disposed to believe someone just because they say, “trust me” or “I know this works” or “expert may say X, but I know Y. I tried Y and it is amazing” etc. This is especially true if the scammer is a fellow Mormon.

]]> By: That One Guy http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-76606 That One Guy Mon, 29 Oct 2007 17:13:15 +0000 http://www.themannings.org/soapbox/2007/10/26/the-mortgage-fraud-solution-our-legislature-doesnt-want/#comment-76606 Bingo, Bingo, BINGO!! This would help a RAFT of issues, along with perpetrations of fraud. The hurdles are enormous though... for the reasons you state. It seems that those legislators who AREN'T realtors are in the pockets of big developers. Bingo, Bingo, BINGO!!

This would help a RAFT of issues, along with perpetrations of fraud. The hurdles are enormous though… for the reasons you state. It seems that those legislators who AREN’T realtors are in the pockets of big developers.

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