Millionaire Matchmaker contestant and stories of the housing bubble.
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I shouldn’t be surprised regarding some of the stories coming out from the actions taken by individuals during the housing craze. There have been times that I have seen people at a store for example going absolutely nuts over one dollar for a purchased good. Even within individuals you may know, I’m sure you would be reluctant to lend out money without seeking some sort of collateral. The Millionaire Matchmaker contestant shows a case of simply not checking into the facts.
“(Forbes) While trouble is something that Prozer created, his real problems with the feds came when he recruited Wachovia Bank employee Fedor “Stan” Salinas to provide false information to another bank, Park Avenue in Valdosta, GA (closed by regulators in 2011 and assets given to Bank of the Ozarks), to secure a $3 million loan. Salinas was paid $25,000 for telling Park Avenue Bank that Prozer had tens of millions of dollars on deposit at Wachovia. Prozer got the $3 million loan, which he never repaid. Salinas also pled guilty yesterday.”
Did you catch all that? Basically, this person had someone provide false information to get a real $3 million loan that he never repaid. Multiply this case by hundreds of thousands and you can get a sense why things fell completely apart.