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Gee Whiz

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Crunch Hardtack

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Joined
May 2, 2006
Professional Status
Certified Residential Appraiser
State
Ohio
I thought banks were supposed to be honest and ethical (Just like Realtors.."we're Realtors, we have ethics").

http://www.nakedcapitalism.com/2008/02/evidence-wachovia-knew-of-and-profited.html

"Last spring, Wachovia bank was accused in a lawsuit of allowing fraudulent telemarketers to use the bank’s accounts to steal millions of dollars from unsuspecting victims. When asked about the suit, bank executives said they had been unaware of the thefts.

But newly released documents from that lawsuit now show that Wachovia had long known about allegations of fraud and that the bank, in fact, solicited business from companies it knew had been accused of telemarketing crimes."

Is it any wonder that banks would use scummy AMC's and turn a blind eye to inflated appraisals?

Excerpted under fair use doctrine.
 
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USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
http://www.tmcnet.com/usubmit/2007/12/07/3148350.htm


"Stroupe calls the FBI

After reviewing the files, Stroupe called her supervisors. She also contacted the FBI on March 5 about possible violations of federal law.

Though her immediate supervisors and other investigators quickly questioned the loans, Stroupe said higher levels of management seemed uninterested.
In an interview, Stroupe said she met with BB&T's regional banking manager, Charlie Mattox, and regional President Michael Willet in Asheville to discuss the case. Before she completed her presentation, Willett excused himself to attend a golf tournament.
Drum eventually lost his authority to approve loans, according to the suit, but Mattox then approved three additional applications related to Penland that "were already in the pipeline." "
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
OKAY!! Here's another story the shows the "Rats" are trying to get the best cheese they can. I'm betting by the time Appraisers reallize this is going to get serious the cheese will have already been taken & a few will CRY here ojn the Forum before the indictments are handed out.

Here in AZ we NOW have some of the general public up in arms over some of the BS that was pulled off. Lets see it's an election year I'm betting those that talk will be listened too.

Met a guy last night that actually knows some names of those that are going to be recieving indictments.
 

murray stroupe

Senior Member
Joined
Apr 27, 2005
Professional Status
General Public
State
Tennessee
Stroupe calls the FBI

http://www.tmcnet.com/usubmit/2007/12/07/3148350.htm


"Stroupe calls the FBI

After reviewing the files, Stroupe called her supervisors. She also contacted the FBI on March 5 about possible violations of federal law.

Though her immediate supervisors and other investigators quickly questioned the loans, Stroupe said higher levels of management seemed uninterested.
In an interview, Stroupe said she met with BB&T's regional banking manager, Charlie Mattox, and regional President Michael Willet in Asheville to discuss the case. Before she completed her presentation, Willett excused himself to attend a golf tournament.
Drum eventually lost his authority to approve loans, according to the suit, but Mattox then approved three additional applications related to Penland that "were already in the pipeline." "
==================
My Dad [mr Stroupe]called the FBI & local police ;
it, however , was a convential bank robbery.But that was years ago, no golf game involved. Crooks went to trial also.
 
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