Daniel Sadek, Quick Loan FinancingQuick Loan wrote $3.8 billion in mortgages, lending money fast – and often on onerous terms – to people with shaky credit. "I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max." Quick Loan has been accused of predatory lending, deceptive underwriting and fraud in at least eight lawsuits.
High roller of home loans
2007-12-18: Deal with the Devil
Dec. 18 (Bloomberg) -- One week in 2002, Daniel Sadek was $6,000 short of covering the payroll for his new subprime mortgage company, Quick Loan Funding Corp. So he flew to Las Vegas and put a $5,000 chip on the blackjack table.
"If we had a prime borrower on the line, we hung up on them,'' Buksoontorn says. "We were geared toward subprime because they were easier to close. We were giving them money no other bank would dare to give them.''
5 comments:
Daniel Sadek will burn in hell for this. He is a disgrace to America.
He is a drop in the bucket. Wall Street never said no to him. They knew what he was doing...they knew where the money was going.
The corruption is incredible. At the peak, he was making $5 million a month. Just imagine how much Wall Street was making. 100's of times more.
Noz, you know nothing besides insecurely adhering to ho-hum populist rage; did wall street firms buy up sadek's subprime mortgages? sure, but remember this: America is a country of contract law..when a dumbass who makes 30k a year gets a $1-million loan from Sadek (and yes, Quickloans actually did that) to finance a beachfront orange county condo, whos fault is it? wall street? yeah right...wall street is 3,000 miles from southern california...YOU ALWAYS READ THE TERMS OF A CONTRACT...if you cant afford it you should go under...just like sadek, just like lehman, just like bear sterns, the ONLY MISTAKE that was made recently is that congress is bailing out all the losers....wall street losers, individual home owner losers, loser auto companies, etc....this is a society where SURVIVAL OF THE FITTEST IS KEY..let the LOSERS DIE.
PANERAI:
Spare us the bullshit and let me whip out my violin for you.
If the US is a country of contract law, then perhaps Sadek should have NOT passed on the loans and sold them off immediately after shafting people with his bullshit. After, why not make him as responsible to pay back bad loans as much as the idiot who fell for his crap?
You're a moron. Housing ISN'T about the survival of the fittest...it is about offering a place for families to live. If douchebags like Sadek and the rest of Wall Street suckered another bunch of douchebags called the public into transforming homeownership into a crooked business, then you can keep your BS survival of the fittest nonsense.
I hope you remember your own mantra when you get shafted sometime in the future...it'll be bittersweet for you.
I can't stand apologists like you. You can't tell the difference between right and wrong...and that is the problem with your beloved society.
Jcastello
You sound very bitter....like you really got the shaft. Are in posting from your white collar jail?
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