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Showing posts from August, 2010

Crime of the Decade

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Every decade or so I am presented with the opportunity to commit a crime for personal gain. Am I incredibly honest, incredibly naïve, or just the average guy that keeps company with crooks?

The 80s
In the early 80s I was working in construction, building inexpensive houses that may or may not still be standing today - I would fear for my safety to go back into those neighborhoods to see.

The builder to whom I was employed was also into real estate investments, buying houses to rent out and depreciate for a tax shelter and a hefty profit. He had a standing offer – anyone who would buy a house on an FHA loan and then sign it over to him after six months would make $500 for their efforts.

I'm batting three for three in the "Kickbacks for Christians" program...

See, back in those days FHA backed loans could be signed over to a new owner without that new owner having to “qualify” for that loan. The term was “simple assumption”, and because of it many people owned houses who …