If anyone has any doubt that there was plenty of corruption behind the mortgage mess that sparked the global recession (and those who might have some doubt may want to double-check what planet they are living on) then consider this small piece of evidence that comes our way out of Sacramento, California, where milk, honey and Vienna schnitzel reign supreme: A former real estate agent is being banned for three years from the biz because he managed to get lenders to hand out millions of dollars worth of loans.

Oh, nearly forgot the important part: it was all apparently based on totally false info, says the Associated Press.

Back story time: The California Department of Real Estate claims the former agent "made false representations to lenders in order to secure nearly $11 million worth of mortgage loans," says the A.P.


Front story time: Because of this, some 23 properties defaulted.

Rest of the story time: The truth is, this one real estate agent was just one of many who played this game -- especially in states such as California and Nevada and Florida, where the housing bubble burst so badly, sentient beings on galaxies far, far away no doubt recorded the sound as proof of the Big Bang theory.

Everyone wanted to make a buck. Push those houses. Push those loans. But, as we all sadly know, came a time when everything started to push back.

It's still pushing as we approach a new year.

Charles Feldman is a journalist and media consultant and co-author of the book, "No Time To Think, The Menace of Media Speed and the 24-hour News Cycle

Increase your money and finance knowledge from home

How Financial Planners go Grocery Shopping

Learn to shop smart and save.

View Course »

Economics 101

Intro to economics. But fun.

View Course »

Add a Comment

*0 / 3000 Character Maximum