rant · moment 7 of 19
The Strip Club Loan and the Dying Father
from The Advocate · #143
Audio-only archive episode — no video to seek.
6 minTim tells a long, detailed story about processing a mortgage refinance for a guy who wanted to open a Miami strip club by draining his visibly near-death, possibly demented father's house equity, questioning who exactly the "victim" is in these mortgage crisis stories.
- 25:51Tim's brother pitched him mortgage fraud: putting their dying mother on a loan four months before her death.
- 26:13Strip club loan in Brooklyn: a guy with no job and no money wanted to refinance his father's house to open a Miami strip club.
- 26:34The applicant described his father as someone who 'may or may not have dementia' with a dismissive hand gesture.
- 27:15The loan went through as legal and above board, officially listed as home improvement, with no scrutiny.
- 27:57At closing, the father appeared essentially dead—very old, completely out of it, with no idea where he was.
- 28:37The son screamed at his confused father: 'Dad, the men from the bank are here,' while the father sat expressionless like Weekend at Bernie's.
- 29:06During signing, the son helped his father sign his name, and the closing attorney expressed discomfort.
- 29:37Mid-signing, the father would briefly ask what was happening, and his son would say: 'Daddy, keep signing, it's almost over.'
- 29:51Tim argues the father was the least victimized party—he was dying, confused, and not leaving the house anyway.
- 30:41Tim says this scenario happens far more frequently than people realize: desperate relatives extracting money from dying parents' homes before it's too late.
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