Government files lawsuit against Lend America & Michael Ashley (1 Viewer)

[bukweet]

Mike's stats are 40 in 12000 loan applications were found to have something fraudulant in them. Applications are from the borrower, not the lender and even in today's world of information some facts are just missed. Human error?
I'm a realtor in a very small/rural market and can tell you SOME people will do anything to get a mortgage loan. They just think you'll never find out and all will go well.
Late payments,bankruptcy,divorce,seperation. They will lie/omit/forget thinking it will never be revealed. Truth is, if they just admit it they're more likely to qualify.
If those odds were the numbers where I am, I'd never hear of another bad application.
Is your question that any sponsor that has ever seen the inside of a courtroom for any product or service reason(guilty or not at this point)be allowed to sponsor a professional sports team?
Going to narrow it down pretty quick if that's in the criteria. Your reference to Lend America is the reason for this response.

 

[ctjstr]

Thanks for the response and the insight. Do you feel that the judge's initial ruling in Mike's favor is an indication of anything significant?

Its really hard to say. The preliminary stuff in any case can be won or lost because of almost anything; not filing something timely, not using the right form, or maybe even on the merits of the case. We'll know more as it developes. Having said that, you always feel better winning the first round, even if its a small victory.

 

[ctjstr]

Carter started that, then Clinton really pushed it, forcing banks to make home loans to people who could not afford them. If they didn't do it, they were sued by the feds. That is how the whole mess got started.

They were called NINJA (no income, no job applicants) loans.

Bush waited way too long to put a stop to it, because the fake appreciation of real estate that it caused was driving the economy.

That's just nonsense Jay. that is not what the statute said or directed.

 

[Muddy]

Carter started that, then Clinton really pushed it, forcing banks to make home loans to people who could not afford them. If they didn't do it, they were sued by the feds. That is how the whole mess got started.

They were called NINJA (no income, no job applicants) loans.

Bush waited way too long to put a stop to it, because the fake appreciation of real estate that it caused was driving the economy.

THAT'S JUST INCORRECT. IT STARTED WITH THE DEREGULATION OF THE BANKING AND MORTAGE LOAN INDUSTY UNDER THE REGAN ADMINISTRATION ALTHOUGH IT WAS CARRIED TO A LEVEL NO ONE ANTICIPATED BY BARNEY FRANK AND FRIENDS. IT'S NOT SOMETHING YOU CAN BLAME ON THE DEMOCRATS OR THE REPUBLICANS EXCEPT FOR BARNEY AND FRIENDS AND THEY HAD PLENTY OF HELP FROM BOTH SIDES OF THE AISLE.

Sorry for all the caps. I just noticed it and didn't feel like keying it all in again.

By the way Mike Ashley's actions speak much louder than any action taken to date. Just look at all the good things he has done that by far out number any bad he may or may not have done as alleged by the feds.

 

[Crew Chief Pro]

And now Obama is telling banks "Give loans to small businesses". Sounds familiar to the pressure politicians put on them to loan money on houses...

Democrats have no idea how to run a business, and they are telling real businesses what to do, amazing.

 

[Nick Name]

That's just nonsense Jay. that is not what the statute said or directed.

Gee!!! It doesn,t take much research to find out that was how it went down. Quit watching MSNBC

 

[.]

And now Obama is telling banks "Give loans to small businesses". Sounds familiar to the pressure politicians put on them to loan money on houses...

Democrats have no idea how to run a business, and they are telling real businesses what to do, amazing.

Just can't leave politics to the politics room around here, can we?

 

[George.]

By the way Mike Ashley's actions speak much louder than any action taken to date. Just look at all the good things he has done that by far out number any bad he may or may not have done as alleged by the feds.

You guys and your pom-poms..
If a guy has a Funny Car, he can get away with murder, and it's OK because he signed an autograph and you're in love forever because he's a swell guy... Barf...

Now, I give Mike the TOTAL benefit of the doubt. He'll have his day in court. If he did what he's accused of, he goes to jail. That is a punishment nobody intelligent person wants to ever face.
If he didn't get caught up in the rampent fraud that was soooo easy to do a few short years ago, I applaud him as a man of substance and character.
His business was almost like being a legal drug dealer, and everybody was your addict. It would be so easy to dive into sub-prime mortgages, making easy money and giving your junkie the fix that everybody wants him to have, in this case, the American dream.. Hopefully, his practices were all legit, and Mike saw what was surely coming down the road..
Good luck Mike. I hope it all works out.
I know one thing, being accused of something that you did isn't a big shock, but when someone accuses a person of something they didn't do, it assaults your character as well. That hurts forever..

 

[SundayNiagara]

Just can't leave politics to the politics room around here, can we?

A-bleeping-men!

 

[The Little Lizard]

Originally Posted by Greg Moon
Just can't leave politics to the politics room around here, can we?

Yep....., unfortunate to see that, it would be nice to get back to discussing some racing!

 

[Muddy]

You guys and your pom-poms..
If a guy has a Funny Car, he can get away with murder, and it's OK because he signed an autograph and you're in love forever because he's a swell guy... Barf...

QUOTE]

My statment about the good he has done has nothing to do with the fact he has a funny car which by the way he no longer has. It has to do with all the charitable things he has done to help people in need. He has sponsored several events that raised many dollars for familys, groups, children in need etc He sent one funny car to the Barrett Jackson auction and gave the proceeds to help someone or something. To be honest I didn't at first really care for him but his actions spoke louder than words and he won my admiration. I still don't always pull for him or his cars depending on whose in the other lane but that doesn't take away from the fact he's top drawer in my books. By the way I've never asked for a hero card or an autograph.

 

[Jim]

My statment about the good he has done has nothing to do with the fact he has a funny which by the way he no longer has. It has to do with all the charitable things he has done to hepl people in need.

You know, Bernie Madoff did charitable things too...so I guess he should be released from prison.

Jim

 

[BlueStangGT]

Now, I give Mike the TOTAL benefit of the doubt. He'll have his day in court. If he did what he's accused of, he goes to jail.

I'm thinking no jail time as a result of this case.

 

[FC138fan]

If a guy has a Funny Car, he can get away with murder, and it's OK because he signed an autograph and you're in love forever because he's a swell guy... Barf...

Not saying anything about Mike Ashley or any other specific person, but this is a great quote.

:-X

 

[Butch]

This is what Mike had to say a couple of years ago.

10-16-2007, 12:47 PM
Mike Ashley Offline

Join Date: Jul 2006
Posts: 58

Re: Mike Ashley's Lend America
We are foucsed on Government Insured FHA Loans and have been for some time. Sub-prime was less then 30% of our business model. In any event I want to thank you for considering Lend America. The company will do its best to help and give you the right deal. However, we are not perfect. If for some reason you are not satisfied please reach out to me directly and I will do my best to help. I can be reached at Lend America and talk to race fans/clients all the time. We have 500 plus employees now and as hard as we try it's not always possible to make everyone completely satisifed.

I wish everyone a great holiday season! I can't believe Christmas is almost here!

Expect to Win,

Mike Ashley

 

[Baron]

I'm thinking no jail time as a result of this case.

I'm thinking you're right. People don't go to jail as a result of civil cases in our country.
Cheers,
Ed

 

[Jim]

I'm thinking you're right. People don't go to jail as a result of civil cases in our country.

Also, keep in mind that in a civil case, not as much proof is required. A criminal case requires the prosecution prove its case beyond reasonable doubt. A civil case requires the plaintiff to supply the preponderance of evidence.

Jim

 

[john]

I'm thinking you're right. People don't go to jail as a result of civil cases in our country.
Cheers,
Ed

If the US government is charging him, it would be a criminal case IIRC. Fraud is not really a civil matter. That said, I hope none of this amounts to anything.

 

[mw6789]

You know the old definition of an expert, Mike. An "ex" is a has-been and a "spurt" is a drip - under pressure!

I just wanted to put in a word of caution and show some support for Mike. I believe and hope that he is not involved in any wrongdoing.

Cheers,
Ed

Absolutely correct, Ed. Just that a bunch of us are never were's.

 

[BlueStangGT]

I'm thinking you're right. People don't go to jail as a result of civil cases in our country.
Cheers,
Ed

My point exactly.