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Fattest Wallet Ever!

fat_wallet.jpgHave you ever found a lost wallet, say, at the roller rink while you’re out scoping underage poon? And did you wonder, “Hmmm. Should I turn this into the lost and found or take it and run?”

Well Elizabeth Cabrera-Rivera found a lost wallet and you know what she did with it? She bought a house. A $419,000 townhouse, to be exact. Liz stole Jose Lara’s identity and used it to get a home loan with no-money down. She had her brother pose as Lara, on several occasions, to pull off the feat.

The poor woman, who couldn’t get a house with her own credit, moved her family into the home and had even made all the payments. Unfortunately, there was a $2800 overpayment, which was sent to a very confused Lara, who was told it was from his second mortgage. Fortunately, Lara never lost any money in the scam.

Meanwhile, Cabrera-Rivera pleaded guilty and is facing up to two years in the clink. But her lawyer is probably right in saying that she wasn’t the only one to blame here. He said the scam was “a result of not only her unclean hands, but also the mortgage brokers from the beginning, who allowed this loan to go through without checking the income taxes of Jose Lara.”

And you wonder why the housing market has gone into the toilet. Predatory lenders, baby. They just devalued your house by $50K. Thanks, assholes!

(Hat Tip: Galley Slaves, where there is a very spirited discussion of the matter going on.)

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Comments

I could not read past the first few lines. I don't know whether to feel ashamed or proud for you using the word 'poon'.