Thursday, August 09, 2007

Surrender



More at KCRA.com.

13 comments:

Gwynster said...

OK one down, another eighty bagillion to go >; )

jaye said...

There's not enough prisons in California to house all the mortgage fraud people. It will take years and zillons of dollars to convict them.

norcaljeff said...

UGGGH! Did we really need to see the guy in his underwear? :X

Paper Boy said...

(norcaljeff) Oh yeah, definitely! Gabe Viramontes in his underwear, oh yes. We needed to see that. If he wanted to show his criminal face to the public, he probably should have done it willingly instead of barricading himself in his house.

jaye said...

LOL! I bet he crapped in his underwear when the FBI showed up!

SacramentoCrash said...

This is just the tip of the iceberg.

The market is going to crater big time due to all the fraud and crazed buyers.

Idiot liar loans, option pay, teaser variable rate, and so on.

As the leaves turn to brown in November, the pall over the market will become even more apparent as the huge $ volume of mortgages reset.

Why else would the Dow have slid so much today?

Cmyst said...

Every day I hear some really sleazy sounding mortgage broker on the radio hawking crap that sounds pretty much like the loans that have caused all the trouble. "Paramount Equity", I think it's called. His newest ad has softened down his voice to where he doesn't sound so overtly sleaze-ball, but the loan is the same: oh, boy, you get a 30 year fixed but YOU GET TO CHOOSE how much to pay towards it!
IOW, people will choose to pay as little as possible and that sounds suspiciously like a neg.am situation to me. Plus, where is the funding coming from for this??
I'm amazed people are still able to advertise these loans.

norcaljeff said...

They keep creating these types of loans because for some reason there are investors paying to buy these loans. It's gonna dry up quick, no doubt about that. When you actually have to come up with cash to move in, you're going to see sales really take a dump. This fall will be interesting, esp with $1 Trillion in ARMs getting ready to reset.

Paper Boy said...

Well, no matter how crowded our prisons become, there's always room for a few more. And if it takes years and a million bucks, they need to pay for the damage that they do to people's lives. If nothing else the criminals live as prisoners in their own homes, at least until they have no home of their own either. Yet one day their freedom will be gone too.

Paper Boy said...

The absolute reality of it all, people in this profession know EXACTLY what they're doing, taking advantage of people for their own profit. THEY DESERVE A NICE JAIL SENTENCE TO THINK ABOUT WHAT THEY'VE DONE!!!! Not just a little humiliation of being shown on TV in his underwear.

Tim said...

Mortgage Fraud Suspect Faces Sex Offender Charges
Broker Failed To Report As Sex Offender After Molestation Conviction

POSTED: 5:52 pm PDT August 14, 2007
UPDATED: 6:49 pm PDT August 14, 2007
[NEWSVINE: Mortgage Fraud Suspect Faces Sex Offender Charges] [DELICIOUS: Mortgage Fraud Suspect Faces Sex Offender Charges] [DIGG: Mortgage Fraud Suspect Faces Sex Offender Charges] [FACEBOOK: Mortgage Fraud Suspect Faces Sex Offender Charges] [REDDIT: Mortgage Fraud Suspect Faces Sex Offender Charges] [RSS] [PRINT: Mortgage Fraud Suspect Faces Sex Offender Charges] [EMAIL: Mortgage Fraud Suspect Faces Sex Offender Charges]
PLACER COUNTY, Calif. -- There are new developments in an ongoing KCRA 3 investigation into mortgage fraud.

One of the brokers at the center of our investigation was convicted for molesting a 14-year-old girl last April. Now he's facing additional charges.

Joseph Gallo was arrested again on July 16.
Click here to find out more!

He is charged with failure to report as a registered sex offender. Now he's back behind bars.

When Gallo was convicted of molesting a 14-year-old girl in April, the judge gave him informal probation.

Rather than serving time behind bars, the judge allowed him to go to work and wear an ankle bracelet.

But the FBI and IRS raided his offices in June after a KCRA 3 investigation uncovered how Gallo and several of his business partners had falsified millions of dollars in loans, which basically put Gallo out of business.

When he was picked up by detectives in Placer County for failure to register as a sex offender, Gallo was taken off informal probation and jailed.

He will now serve out his sentence at the Sacramento County jail.

Gallo and his business partners are still under federal investigation. Indictments are expected early next month.

If convicted on charges of mortgage fraud, the molestation case could play a major role when it comes to sentencing in federal court.

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Paper Boy said...

Who's the "big dumb one" now? LOL If only Gabe's wife knew she was being cheated on (AGAIN!!!!!) Wow, icing on the cake...

Jon said...

I just wanted to make a comment about the woman was misinformed about Paramount Equity Mortgage. They don’t advertise, or promote neg am loans. I worked with them and had a great experience. I got a 30 year fixed at 5.5% and was very happy. They are a very successful and reputable company that is constantly growing and will be around for a long time.