Ex-Bear Stearns Fund Managers Arrested by FBI Agents

[moh malekpour]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aHZnRy9Si0OI&refer=home

The arrests are the first in a U.S. probe of possible fraud by banks and mortgage companies whose investment in subprime loans and securities plunged in value. The U.S. Securities and Exchange Commission may sue the two men as early as today, claiming they committed fraud, people with knowledge of the case said

 

[Karl]

Now with these guys income, how many folks you think they are going to want taken down with them?? Bet more than 5

 

[Smokey Bear]

I'm shocked! What is the world coming to?

 

[moh malekpour]

Now with these guys income, how many folks you think they are going to want taken down with them?? Bet more than 5

First, they go for the big fish. Then, they let the big fish to reveal the smaller fish and that is the way it goes.

 

[Pamela Crowley (Florida)]

Wonder where these fund managers bought their data to make their decisions... ?

 

[Michael Tipton]

Wonder where these fund managers bought their data to make their decisions... ?

You don't need "stinkin" data when underwriting conditions are lax or waived after the contracted due diligence.

 

[Webbed Feet]

Wonder where these fund managers bought their data to make their decisions... ?

Ms. Crowley,

I'm surprised at you! Very obviously they "analyzed" subject pending sale contracts as part of the "market data" in order to consider their opinions regarding what the subject market value was.....

Webbed.

 

[Karl]

You don't need "stinkin" data when underwriting conditions are lax or waived after the contracted due diligence.

Sorry but some of the data that got this 700 ( Soon to be many more) is APPRAISALS!!

Rember " IF there is a willing buyer & a willing seller who am I to say the value is not there "

Quote from a Certified Appraiser Casa Grande AZ December 2004. & remember we actually had a couple appraisers on this Forum (that of course would deny it now), but back then basically agreed with that.

No one destroyed the Appraisal Profession more than Appraisers themselves.

Once we get the Ba Back Bone to admit we screwed up, the faster we can get back into the game.

 

[Michael Tipton]

Sorry but some of the data that got this 700 ( Soon to be many more) is APPRAISALS!!

Rember " IF there is a willing buyer & a willing seller who am I to say the value is not there "

Quote from a Certified Appraiser Casa Grande AZ December 2004. & remember we actually had a couple appraisers on this Forum (that of course would deny it now), but back then basically agreed with that.

No one destroyed the Appraisal Profession more than Appraisers themselves.

Once we get the Ba Back Bone to admit we screwed up, the faster we can get back into the game.

Karl, analysis of data is part of the appraisal process as most are well aware. I have excluded sales in the past and am likely to do so in the future based on comparison with recent alternatives and/or conversations with listing/selling agents. As has been stated by others in the past, it is as much an ethics issue as it is adequate funding for enforcement.

 

[Webbed Feet]

Mr. Karl,

I agree, but I don't. The generalities are too sweeping. Beyond appraisers are a bunch of cats that simply refuse to become a cohesive group all rowing in one direction, how did "WE" screw up? Did some percentage of our members screw up? You bet! .. In fact, I'm not sure one can call it screwing up when a lot of it was intentional or due to neglect from trying to be fast and cheap. But then a lot of us did NOT screw up at all. We just got clobbered all the time by everybody because we were not "team" fraud players.

Just "admiting we screwed up" will solve nothing at all. The backbone we need are the ones needed to enable us to become a cohesive group instead of a lame cottage industry. Beyond that, it will take the federal government forcing cohesiveness upon us to get the job done or forcing the public and users of appraisal services to demand the truth, instead of lies, out of shear terror if that is what it takes.

Webbed.