Corruption behind the real estate debacle? I'm shocked. Shocked!


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.