2008-06-01 — jsonline.com
The story of how a 24-year-old man with a negative net worth received a six-figure loan from a reputable lender shows how eager the financial community was to dole out subprime loans before the nation's mortgage meltdown.
...
Medellin says he was duped into signing papers for the mortgage, saying he had no idea at the time that he was buying a house.
That might sound extraordinary, but his loan application and related documents are riddled with questionable items.
...
Long, 29, a self-described investor and carpenter, is everything Medellin is not.
Standing 6 feet tall and weighing 170 pounds, Long is smooth and gregarious. He boasts of his large network of friends and connections.
He says he was turned on to the business of buying and selling houses after reading books by Donald Trump along with "Rich Dad, Poor Dad" and Russ Whitney's works on striking gold in real estate.
All in all, a sordid tale. There's a lot of stuff like this out there "polluting the pool". Sometimes we're still surprised by the extremeness of the cases that show up.
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