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CsX · Jun 20, 2008, 10:19 AM

Assume that my friend Joe purchased credit reports from John for 50$. One of them was about Mike. Joe uses the identification info on Mike's report to take out a home equity loan. What crimes did my friend Joe commit? -CsX

JudyKayTee · Jun 20, 2008, 10:29 AM

Homework? If you look at the top of the legal forum you will see that "we" don't do homework.

Sorry.

CsX · Jun 20, 2008, 10:32 AM

Originally Posted by JudyKayTee

Homework? If you look at the top of the legal forum you will see that "we" don't do homework.

Sorry.

That would be bad if this were a homework assignment. Too bad it is not... this is what I think:

Crimes: Bank Fraud and Identity theft.

But, I'm curious as to whether any type of real estate crime is committed because they used the info to get an equity loan, hence the post in real estate law.

Thanks for the vote of confidence in this site =) -CsX

JudyKayTee · Jun 20, 2008, 10:42 AM

How was "Joe" able to get a home equity loan using someone else's credit report? The bank runs its own credit report, it doesn't take whatever the lender provides.

Are you talking falsifying documents?

And you're welcome.

CsX · Jun 20, 2008, 10:47 AM

Originally Posted by JudyKayTee

How was "Joe" able to get a home equity loan using someone else's credit report? The bank runs its own credit report, it doesn't take whatever the lender provides.

Are you talking falsifying documents?

And you're welcome.

1st, sorry if I came across as rude, its been a long day and it shouldn't be taken out on you.

The information from the credit report was used so Joe could 'pretend to be' Mike. Lets assume the bank was at fault and the loan was approved through lack security procedures on the teller's part. -CsX

JudyKayTee · Jun 20, 2008, 10:52 AM

Originally Posted by CsX

1st, sorry if I came across as rude, its been a long day and it shouldn't be taken out on you.

The information from the credit report was used so Joe could 'pretend to be' Mike. Lets assume the bank was at fault and the loan was approved through lack security procedures on the teller's part. -CsX

No problem. Rumor is that sometimes I come across as rude - but you and I know that can't possibly be correct.

Anyway - the teller doesn't approve the loan. Do you mean the Bank Officer? I still don't see how this could happen, how a credit report on one person can be used by another person to obtain a loan.

Home equity loans require proof of ID, credit checks, title searches, legal filings - I don't think it's possible.

Do you have more info?

CsX · Jun 20, 2008, 11:00 AM

Hmm, I see where we are running into a block... my scenario is a little far fetched.

Maybe a different scenario (but now it would fall out of the realm of realestate law?)

Scott asks Johnny for a personal loan of 10k. The problem is Scott isn't who he says he is, and has stolen Scott's identity. (Joe strikes again!) The loan of 10k was used to purchase a motor home under Scott's name. What crimes has Joe committed this time? (I hope I can elicit the same response, though it may be a little more beleivable than defrauding a bank.)

I guess this time it is Fraud and Identity theft, but what crimes if any are from the purchase/owning of the motor home. This is what I can't put a name on... -CsX

ScottGem · Jun 20, 2008, 12:35 PM

Can you explain the purpose of these questions?

On your initial scenerio, I have to disagree with Judy. I've seen news reports of several cases in the last year where mortgage lenders were defrauded by people using stolen identities for false information.

In the case of a motor home, there is also the possibility of a theft charge since the motorhome was essentially stolen.

excon · Jun 20, 2008, 01:08 PM

Originally Posted by CsX

Hmm, I see where we are running into a block... my scenario is a little far fetched.

Hello CsX:

Your scenario isn't far fetched at all. People steal ID's and then sell them to other people who use them, all the time. They're BOTH guilty of identity theft, plus a whole host of charges that the prosecutor will levy upon them, including money laundering, RICO, and tax evasion.

These prosecutors, you know, don't just sit back and think which charge shall we choose. Nooo, they lay ALL of 'em on the defendant and hope one or two sticks...

excon

Fr_Chuck · Jun 20, 2008, 01:17 PM

Actually there are companies out there that are "loaning" credit from one person to another person for a fee. People are paid to allow someoneelse to use their lines of credit. There are also companies that are selling aged lines of credit for this purpose. These are part of the large mortgage fraud investigation along with 100's of arrest for varoius levels and types of fraud,
From what I read in the paper this last week I think there were over 200 arrested in GA alone for very similar issues

Also included where some of the credit repair places that were using unethical practices to try and temp erase correct info.