20 Year Old Charged for 7 Felony Counts of Fraud
In the late spring of 2006 a elderly homeowner began receiving mortgage delinquency notices on a 2nd mortgage he never knew existed. This homeowner, Mr. Gamble, was facing Foreclosure on a 2nd mortgage he did not sign for.
Fearing the worst, Mr. Gamble approached the police with this information and they launched an investigation. After 6 months of investigation it was discovered that Venice Jaymes Gamble, II, age 20, Mr. Gamble’s grandson, had committed 7 counts of fraud and identity theft amounting in a total loss of $230,000.
Luckily, after discovering that his grandson had committed this fraud, Mr. Gamble was able to retain his home and stop the Foreclosure process. During this investigation it was also discovered that this young Vincent Gamble had not only taken out a $125,000 2nd mortgage but received several credit cards and purchased 3 vehicles using his Grandfather’s identity.
Vincent Jaymes Gamble, II faces a possible 10 years in prison if convicted on all counts of fraud. May justice ring true!
Katheryn Shields and Four Others Pleaded Not Guilty Today
Katheryn Shields, a Kansas City candidate for mayor, plead not guilty along with her husband and four other defendants. Katheryn Shields and her husband, Philip Cardarella, were among 9 other defendants charged with mortgage fraud in the sale of Shields’ Loose Park area.
Alan Greenspan to Blame for Rise in Foreclosures
In an article written by Mike Whitney, he says, “The crisis is entirely the work of Fed Chairman, Alan Greenspan, whose “cheap money” policy caused a speculative frenzy in the real estate market which sent home prices through the stratosphere. In fact, the bubble originated in 2001 when Greenspan lowered interest rates to a meager 1%and ignited a refinancing boom as well as a sudden up-tick in home sales. Now, after 17 straight interest rate increases, the bubble is quickly losing steam and the effects are being felt from sea to shining sea.”
So is there an end to this housing crisis? According to experts the economy is going to take a huge blow in the latter part of 2007. With over $1 trillion in ARM’s (Adjustable Rate Mortgages) adjusting in the 3rd and 4th quarter of 2007 it is expected that the US economy will be riddled with foreclosures and the economy will enter a recession.
This all started when interest rates were lowered to a tempting 1% encouraged by our very own Mr. Alan Greenspan. This was a foolish attempt to keep the economy somewhat alive and give the appearances of growth and normalcy. All the while he was encouraging creative financing by lenders which brought us to the here and now. In cities across America we are seeing record increases in Foreclosure rates every month. Some of the highest increases in foreclosures in 30 years were seen last year and it’s predicted to only get worse in the years to come. In reality this will result in over 10 million foreclosures before we see our way out of this.
