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Babur Lateef’s Fiscal Nightmare

By Greg L | 4 May 2011 | Prince William County | 77 Comments

OK, let me get this straight:  Someone who touts himself to be a highly successful ophthalmologist, and who is married to another doctor, defaults on their mortgage, it’s sold in a short sale.  Somehow relatives buy the place for half of what it had been worth and the guy ends up as a tenant in their own house.  The bank takes a hit for more than half a million dollars and the guy that just cut his housing payment in half not only runs for County Chairman, but blames the incumbent?

He can’t pay his mortgage, but he can dump $100K of his own money into a political campaign?  Just how the heck does that work?

Yep, that’s Babur Lateef for you.  Leading us all on the path to financial prosperity.  Or fraud.  You pick which one.

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  1. Maureen said on 4 May 2011 at 6:49 pm:
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    According to the news article about this, he won’t have a problem settin up new committees and spending YOUR money.

  2. I'm just saying... said on 4 May 2011 at 6:54 pm:
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    Hahahahahahahahahahahahahahahahahahahahahahahaha….. Liberals!

  3. Redfry said on 4 May 2011 at 9:12 pm:
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    Perhaps he can apply that same kind of liberal financial acumen to our county’s fiscal house. . . In his dreams.

  4. me said on 4 May 2011 at 10:59 pm:
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    I love watching all the idiot candidates crash and burn….before the races even get started…next up????

  5. anon said on 5 May 2011 at 6:17 am:
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    Something’s not adding up here with the mortgage and how his house was rescued. Looks like his relatives did the math and figured out it was better to let the house go to auction, and buy it at a cheaper price and then rent it back to Babur - thus reducing his monthly payments far more than if his mortgage was modified by the bank. Basically, they decided to stiff the bank hundreds of thousands of dollars.

  6. I'm just saying... said on 5 May 2011 at 6:35 am:
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    Sounds like fraud to me. Perhaps “cooch” should investigate.

  7. I'm just saying... said on 5 May 2011 at 7:12 am:
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    The Lateefs (both of them) need to share their tax returns for the past few years to prove their story. Are you going to start a lottery regarding the date he drops out of the race?

  8. Robert L. Duecaster said on 5 May 2011 at 8:27 am:
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    I see no fraud or any other crime in the facts you’ve described, Greg. Actually, it’s a technique more people should use to teach the bankers a lesson. There’s no honor among thieves. Or sleaze buckets.

  9. Anonymous said on 5 May 2011 at 9:20 am:
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    It would appear that Mr. Lateef doesn’t even own a home in Prince William County… he’s renting from relatives. He’s not even paying property taxes. Correct? I wonder where his (their) cars are registered.

  10. DUH said on 5 May 2011 at 9:59 am:
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    Millions of people bought way above their means and I for one cannot feel sorry for them.

    With all due respect Robert, both parties are at fault. Most people know what they make and if they can afford a house or not. They did not have to accept a loan from the bank, no one twisted their arm. If people are too stupid to do the math it is hard to feel sorry for them.

    As for the banks, the government should have let them go under instead of bailing them out. That way both the idiots that bought a house they couldn’t afford and the banks would have learned their lesson.

  11. anon said on 5 May 2011 at 10:07 am:
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    What does not add up here is how Dr. Lateef could not keep up with his mortgage but could finance his campaign to the tune of $100,000. Something does not make sense. How could anyone with that kind of money available not be able to meet monthly mortgage payments?

  12. anon said on 5 May 2011 at 10:08 am:
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    The people who bought above their means did more to wreck the economy than anything else and are greatly to blame for the mortgage crisis. It is very hard to feel sorry for a lot of them, especially those very well off like Dr. Lateef who are in a different category than the average middle class homeowner.

  13. Robert L. Duecaster said on 5 May 2011 at 10:26 am:
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    I absolutely agree with you, DUH, that both parties are at fault for the housing bubble and subsequent crash and that the banks who took the easy money should have been allowed to fail. Easy money in the hands of those who never had it before is a prescription for disaster at any level.

    But I don’t blame the Lateefs of the country for taking advantage of the situation, just like I don’t blame individual illegal aliens for taking advantage of our unenforced border and immigration laws. I blame the politicians of both parties. We need change. Drastic, immediate, revolutionary change. We need people in power at all levels who respect private property rights, who respect the right of citizens to earn wealth and keep it, who respect the laws of our country and are willing to enforce them, and who respect life. In short, we need people who respect (and fear) the Almighty as the source of our inalienable rights.

  14. agent said on 5 May 2011 at 10:49 am:
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    Real Estate transactions are supposed to be arm’s length. This home was only listed for 5 days and a relative bought it and allowed him to stay in it. This looks to be a short sale scam. It was a cash transaction for 600k+. If he needed relatives help, why not with the payments?

    He did not pay his bills, but he wants to manage the County’s budget? This man has some major cajones!

  15. anon said on 5 May 2011 at 11:00 am:
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    If it was a cash transaction then they certainly had the money to help with the mortgage payments. Sure sounds very fishy.

  16. Anonymous said on 5 May 2011 at 11:08 am:
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    I hope he doesn’t drop out too soon… for the entertainment value.

  17. Riley said on 5 May 2011 at 1:33 pm:
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    Sounds as if Dr. Lateef received financial advice from Krystal Ball and her husband.

  18. Peter Danlyn said on 5 May 2011 at 3:41 pm:
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    His contract presumably allows him to walk away from the debt in exchange for bank recovery of the property. He has checked the balance of the loan against the value of the property, considered consequences to his credit and future ability to enter into contractual obligations, and decided that the benefit is worth the risk. The bank looked at the value of the property and made a concious decision to agree to a short sale. Sounds legal to me.

    These contracts are so weighed towards the interests of the bank that it is nice to see someone turn the tables and beat the house at its own game.

    with its own house!

    and regarding the idea that this is just a deceptive way to get around a legal obligation? How is this any different from conservative criminal Gordon Liddy ignoring the legal prohibition on his ownership of firearms by “nod, nod, wink, wink” transferring ownership of the guns to his wife?

    Seems that skirting the intent of an obligation has no political or ideological affiliation.

  19. I'm just saying... said on 5 May 2011 at 4:20 pm:
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    I don’t care what Lateef does in his personal life; however, I don’t want someone up to such financial “slight of hand” in charge of Prince William County. I’m guessing most folks will feel that way.

  20. Freedom said on 5 May 2011 at 4:45 pm:
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    Peter, it just might be about $500K of “someone else’s money” (could be even some of yours) different!! :(

  21. Hillel said on 5 May 2011 at 5:31 pm:
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    I know you would want accurate information on your blog so allow me to correct your falsehood. Lateef has only contributed 10,000 dollars NOT 100,000 of his own money to his election campaign.


  22. Padre said on 5 May 2011 at 5:51 pm:
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    Regardless, Lateef IS a business owner and lives in PWC.
    As for banks failing, you might not want to see the aftermath if all the banks had failed.
    Lateef also didn’t borrow $100,000 from himself. That was Freidman. No, all Dems don’t look alike.

  23. Peter Danlyn said on 5 May 2011 at 6:22 pm:
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    so all questions of ethics and honor are determined by how much the outcome affects the corporate bottom line?

    sounds like flexible morality or situational ethics, devoid of any human consideration, save greed.

  24. Human being said on 6 May 2011 at 3:58 pm:
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    It sounds to me that this family is just like thousnads of our fellow neighbors. I’m dissapointed but not surprised, that you and your cheerleaders take such glee in other peoples misfortune. It seems quite un-American to me.

  25. Anonymous said on 6 May 2011 at 6:02 pm:
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    @human Being… My neighbors aren’t a two Doctor couple taking advantage of the system to cheat a bank and it’s depositors out of hundreds of thousands of our dollars (who do you think creates the money for home loans) thanks to even richer relatives. They also aren’t running for political office.

    My neighbors can do what they want. Once he became a candidate for public office, Dr. lateef lost my sympathy.

    We’re not talking about misfortune… We are talking about hubris. I really don’t like folks running for office who think we are stupid.

  26. ForgetIt said on 6 May 2011 at 6:41 pm:
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    Most of the “thousands of our fellow neighbors” who bought more than they could afford weren’t sneaky and let their house go to foreclosure so their relatives could buy it back at half the price so as to sharply reduce their monthly payments. That probably helped drop the real estate values in that neighborhood as any foreclosure does therefore reducing taxes paid to the county. If the relatives had the money to buy the house at half the price they had the money to meet the existing mortgage payments too.

  27. es_la_ley said on 6 May 2011 at 9:05 pm:
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    Human being said on 6 May 2011 at 3:58 pm:

    I’m dissapointed but not surprised, that you and your cheerleaders take such glee in other peoples misfortune. It seems quite un-American to me.

    Well, we know that Lateef has your vote locked down. How’s that other hope-n-change stuff working out for you?

  28. Charles said on 6 May 2011 at 9:56 pm:
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    IT was only $10,000, not $100,000.

    And it was legal. It is exactly legal — the bank made the decision to foreclose, decided to sell, and it’s all out in the open.

    And while some argue Lateef was willing to borrow money and then not pay it back, others say he didn’t mean to, but that he just got used to spending more money than he could afford, and eventually he spent himself into so much debt that when things got bad, his family had to bail him out.

    But this isn’t about being upset with him, or feeling sorry for him. What he did in his personal life, politicians have done in public life. They spend and spend in the good times, borrow money thinking they’ll always be more, and then when hard times hit, their counties, states, and countries end up in crushing debt, and they have to be bailed out.

    That’s not what I want for my county, and I think most people in the county will agree. No point in putting a guy in charge who has already proven to be just the kind of free-wheeling spender that has gotten so many other jurisdictions in trouble. I like not being in crushing debt, not being overburdened by taxes, not having unreasonable benefits packages offered to my (the public) employees.

    Lateef has proven himself quite capable of destroying the finances of his family, and therefore of destroying the finances of our county.

  29. me said on 6 May 2011 at 10:20 pm:
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    I want to point out something that might have been missed…

    Just to make sure I had the names right I double checked his website here is a little clip: “Dr. Lateef lives with his wife, Dr. TaraLateef, and their four children in the Coles District. Dr. Tarannum Lateef is a pediatric neurologist….

    It would appear that Babur B Lateef might still own a residential property in PWC…

    748 Monument was purchased by LATEEF BABUR B & TARANNUM MUSVEE for $314,000 on 6/26/2002….the mailing address the Monument property is 13001 Chaddsford Ter.

    The Chaddsford Ter property was purchased by LATEEF BABUR B & TARANNUM MUSVEE for $1,206,208 on 6/30/06 then on 9/22/09 TARANNUM’S name is taken off and less than a year later on 6/8/2010 the property is sold for $600,000 less to SHAKOOR NAJIA….

    then the same day a name change adding OMAR B LATEEF (maybe just an oversight at closing?)….

    then on 3/29/11 a zero dollar transfer (namechange) takes place and the owner ship is now LATEEF ABDUL BARI & KAUSER.

    Babur Lateef also owns two office spaces at 14904 Jefferson Davis Highway 8391-24-8279.03 and 8391-24-8477.03 purchased on 7/7/03 for $268,000

    If you are doing that poorly why wouldn’t you reign it in and go back to your 2,400 sq foot home ? Is it not good enough for you? Want the big house….at everyone elses expense?

  30. Freedom said on 7 May 2011 at 4:32 pm:
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    No Peter, ethical indiscretion that violates one’s own principles (as well as yours or mine) is one thing — you cited G Gordon Liddy as an example and called it “skirting a legal obligation.” However, ethical indiscretion that not only violates normal principles, but at the same time, takes money from someone else, e.g., Lateef, is entirely different and despicable.

    Did Lateef’s financial slight of hand hurt the bank? Nope, not “the bank,” but it certainly hurt the financial security of those who have invested money in banks. …and Lateef’s “swap and trade” shenanigan with the mortgage is far, far different than the foreclosure on poor John Q Citizen who lost his job and despite best effort, couldn’t repay what he contracted to pay.

    I’m sure you won’t agree, Lateef is a “spread the wealth around” Democrat.

  31. Kevin B said on 7 May 2011 at 9:42 pm:
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    Babur Lateef is a fraud and and now the people of Prince William County know. Babur Lateef and Tarannum Lateef scammed the banks along with his brother Omar Lateef and sister in law Najia Shakoor (aka) Najia Lateef and father Bari Lateef.

    This is so ironic that Babur Lateef is running for a position to decide on your property when he can’t maintain his own property. According to some research about Youngstown where Babur Lateef is from, he father Bari Lateef are buddies with James Traficant.

    Here’s why the Babur Lateef and Bari Lateef family friend James Traficant sounds familiar

    From Wikipedia:
    James Anthony Traficant, Jr. (born May 8, 1941) is a former Democratic Representative in the United States Congress from Ohio (from 1985 to 2002). He represented the 17th Congressional District, which centered around his hometown of Youngstown and included parts of three counties in northeast Ohio’s Mahoning Valley. He was expelled after being convicted of taking bribes, filing false tax returns, racketeering, and forcing his aides to perform chores at his farm in Ohio and on his houseboat in Washington, D.C.,[1] and was released from prison on September 2, 2009, after serving a seven-year sentence.

    Why is Babur Lateef running for office ??????????? Hmmmm

  32. Anonymous said on 7 May 2011 at 10:34 pm:
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    It just gets better and better. I really hope he doesn’t drop out… TV is into reruns and we need the entertainment.

  33. Lovettsville Lady said on 7 May 2011 at 11:17 pm:
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    I get it, he ripped off the bank and reduced his payments by half. NIIIIIICE………….what a slimeball crook. And he wants to take OUR money and manage it?!!!

  34. Man from Masassas said on 8 May 2011 at 12:40 am:
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    These people Babur Lateef, Tarannum Lateef, Omar Lateef, Najia Shakoor and Bari Lateef conspired and then committed a fraud amounting to more than half a million dollars. Apparently money is their only motivation in life and I for one believe that an investigation into their billing practices at their respective medical offices is warranted.

    Certainly more to be uncovered and more denials until the authorities get involved. Someone needs to contact the FBI Mortgage fraud about Babur Lateef.

    This man should be kept as far away from any elected office.

  35. Ellen said on 8 May 2011 at 2:10 pm:
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    What is really amazing is that Babur Lateef would go out make statements that have affected almost every resident of Prince William all the while knowing that he and his family knowingly and purposefully contributed to the problem.

    Clearly, as we will learn, Babur Lateef just saw an opportunity to rip off the banks. The property documents show he and his wife Tarannum Lateef had 100% financing on the house. So a guy who could not even come up with a downpayment then let his house go into foreclosure only to buy it back at half price wants to hold the office of chair? Due to his financial acumen? He has proven to be untrustworthy and a liar. Babur Lateef lied to the banks, he is lying to us.

    I urge any who reads this to contact the FBI mortgage fraud office as the above post states. We need to find out what else is going on and mortgage scammers need to be brought to justice.

  36. Dr who is embarrassed for Babur Lateef said on 8 May 2011 at 2:36 pm:
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    This information is very disturbing to myself as a medical professional. Babur Lateef has been soliciting contributions from a number of Doctors in the area including myself. I know Babur Lateef and Tarannum Lateef personally and am really shocked by these revelations.

    It will certainly be the talk of the medical community in the area. I would like to apologize on behalf of all doctors as the vast majority of us are upstanding citizens of the community. We know that we must maintain trust and integrity above all else and Babur Lateef and his wife have not only let the community down but the medical profession as well. Thy ruined their reputations, all for the sake of greed.

  37. Mad as @&%# said on 8 May 2011 at 7:35 pm:
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    Maybe he thinks we are his next victims. I mean if Babur Lateef can steal from the banks then he must feel he should become chairman so he can steal from the residents of Prince William.

    Actually he has already stolen from us because our tax dollars are what went to the banks after the thief Babur Lateef and his family took out their $600,000. I am really upset about this!

  38. DUH said on 9 May 2011 at 8:25 am:
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    CHESTER, Pa. (CBS) May 6, 2011 8:38 PM– Chester police are urging vigilance after they found an improvised explosive device, this afternoon, near Amtrak and Septa railroad tracks and the Commodore Barry Bridge. 

    Police say the device consisted of two bottles with a yellow liquid inside. They say one had a timer and wires attached by duct tape. 

    Police were not sure if the device was really explosive but evacuated the area as a precaution. The Delaware County bomb squad determined that it was and disarmed it.

    The device was found about 2 p.m., near third and Reaney Streets. That’s underneath the bridge and not far from the tracks Septa’s Wilmington-Newark line uses.

    An investigation is underway.

    Reported by Pat Loeb, KYW Newsradio

  39. Anonymous said on 9 May 2011 at 9:08 am:
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    It’s Corey’s fault that Babur Lateef got his house foreclosed!

    It’s all the fault of that illegal alien resolution!

  40. Anonymous said on 9 May 2011 at 9:41 am:
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    …now if we could just pass a resolution to get rid of the “whiners” in Prince William County…

  41. Coffee said on 9 May 2011 at 10:22 am:
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    I don’t think people who buy so much more than they can afford are responsible human beings, @ Human Being. Especially two doctors, who are educated and ought to no better than many other people how NOT to overextend themselves. Many people make still make responsible choices, after all. What about all the people who pay their bills on time, despite having lowered incomes in a recession? Sometimes something terrible and unforeseen happens that removes a person’s ability to work and pay their bills, and I have sympathy for that. But smart people plan for what they can plan for. A doctor/businessman with a medical practice should be a smart person and should know better than to plan only for the “ups” in the economy. Recessions are a given, I’m afraid. They are part of economic reality. Losing your house is a terrible thing and I do feel for the guy and his bad choice here, but the simple fact that he made such a bad choice makes me think he is a bad choice as a candidate!

  42. anon said on 9 May 2011 at 11:20 am:
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    In my opinion he did not really “lose his house”. His relatives now own it, and I’m sure eventually they’ll just transfer it back to him at no cost. If only everyone who had gone through the foreclosure process would be lucky enough to get a deal like this. The fact that he wants to sound like he’s part of those unlucky people who were foreclosed is the part that really takes a lot of arrogance - to think that he wants us to believe he is just like all those other people who got foreclosed and lost their house! It says a lot about what he thinks the average intelligence of his constituents is, if he thinks they will believe that.

  43. Alvin Clayton said on 9 May 2011 at 1:27 pm:
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    Babur Lateef is a crook plain and simple. He had no problem paying his mortgage, he just saw an opportunity to get his house for half price. Release your tax returns and personal worth statement Babur Lateef, for 2008,2009,2010 and put this issue to rest and show PWC that you really were in financial straits.

    I can bet anything that Babur Lateef and Tarannum Lateef will not release their tax returns and personal worth statement because there was no economic hardship. It was a mortgage fraud.

  44. peter danlyn said on 9 May 2011 at 2:37 pm:
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    Why are we so concerned that the finance company got hurt when Lateef exercised his contractual right to turn the collateral back over to the bank? Seems to me that this particular homeowner did nothing to the asset to diminish its value. The banking and finance industries had more to do with edging us closer to calamitous foreclosures. Banks are supposed to perform due diligence to insure that buyers are qualified and that the collateral somewhat matches the loan value. In short, to make sound investments by knowing the buyer and the property. Instead, the banks have signed stacks of approvals without even looking at them, bundled completely unrelated mortgages together to sell them to completely uninterested “investors”, and done all they can to depersonalize the transaction so that questions of honor on either side don’t really pertain. The deal isn’t made on person or property, but on the paper. That makes it real easy to create unreal paper gains to feed the speculative avarice of all those who would rather “invest” there way through life rather than doing something constructive. It also puts the blame for the precipitous fall in values directly on the banks and those who seek to feed off their get rich quick schemes.
    Why should the homeowner be held in contempt for handing back a property that’s halved in value because of the risky behaviors of the other party? And why should the bank’s gambling cohorts (read investors) be insulated from the pursuant loss?
    Now back to Liddy, ethics, and “Freedom” You seem to say that when there’s no direct threat to someone’s investment portfolio or the nameless corporate bottom line it is somehow ethically more acceptable to skirt the law. Does that apply to all gun-toting felons, or just conservative cheerleaders who proudly broadcast their misdeeds for personal gain? If we’re handing out ehtical exemptions, why not one for a democrat that only wanted to renogotiate terms when the other party contributed to a decline in equity?

  45. anon450 said on 9 May 2011 at 4:11 pm:
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    Where is anyone getting the figure that Lateef put $100,000 into his campaign? Or is that just exaggeration on the part of the author and commentors?

  46. Tell us the truth Babur Lateef said on 9 May 2011 at 4:21 pm:
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    Release your tax reruns and lets find out what the truth is. Although we already know…..and it ain’t pretty. Actually it is pretty……a pretty big scam and ripoff.

  47. Voter said on 10 May 2011 at 5:07 pm:
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    Lateef is not an honest person. I’m not voting for him.

  48. Freedom said on 10 May 2011 at 5:09 pm:
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    Peter, ever heard of the “Community Reinvestment Act”? Better read up on it.

  49. Anonymous said on 10 May 2011 at 8:00 pm:
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    @Peter…why? because he signed a contract. Because he gave his word. Because he demonstrated neither his signature nor his word are worth anything. Questions?

  50. Babur Lateef is irresponsible said on 11 May 2011 at 11:43 am:
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    Babur Lateef’s actions have affected my family and every other family in the neighborhood. We purchased our house for almost the same amount in 2006 and have been making payments faithfully since. Unlike Babur and Tarannum Lateef we put money down on our property and are accountable and responsible.

    His actions have directly resulted in the value of our house and every other house in the neighborhood to go down substantially but we did not decide to commit a fraudulent fake foreclosure scam like the Lateef’s. Due to Babur Lateef’s actions our house is worth less than we owe as are others. I expect eventually prices will slowly rise and we will be positive again in spite of short sighted, greedy people like the Lateef’s.

    Now the entire neighborhood and all of PWC knows what kind of lowlifes these people are. It’s unfortunate that two medical degrees equal zero class in this case.

    I am not a mean or unreasonable person but this situation is practically in my backyard and it hurts a lot.

  51. Unclebud said on 11 May 2011 at 2:07 pm:
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    Banks , brokers, other entities manipulated the system until it broke. then took taxpayer dollars because they were too big to fail. After they were “bailed out” they paid huge executive salaries and bonuses, held grand corporate parties in exotic places and still withhold credit from the market hurting and perhaps destroying many small businesses and individuals. The biggest of the offenders did this even though their own risk managers were telling them their practices were highly risky. Despite all you castigate an individual who beats them at their own game (and with their consent) without dipping into the public trough. You now want the government to use taxpayer dollars to investigate. How is this consistent with a libertarian philosophy? How hypocritical!!!

  52. Anonymous said on 11 May 2011 at 2:34 pm:
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    Most white-collar criminals think they’re beating whomever they’re defrauding at their own game.

  53. Anonymous said on 11 May 2011 at 3:34 pm:
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    Anonymous you didn’t address the central issue. The executives of the big companies also probably thought they were beating someone at whatever game they were playing. I still wonder how an individual entering into an agreement with these people is as bad or worse than the ethical bandits that started the whole downward slide. AND I wonder how asking for government intervention into a private contract negotiation fits with a libertarian view that government should stay out of private matters. Seems to me at best to be a civil matter that satisfied both parties and government SHOULD stay out. I won’t comment on whether one should or should not vote for this gentleman, that’s a matter of personal political judgment.

  54. What a show said on 11 May 2011 at 9:37 pm:
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    Obviously Babur Lateef’s word means nothing. So why would any voter believe anything he says? This guy should seek treatment for mental issues.

  55. . said on 11 May 2011 at 10:11 pm:
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    “asking for government intervention into a private contract negotiation”

    is something that happens all the time. Evictions, judgments, when someone does not hold up their end of the agreement, those are things that happen and the courts are how they happen.

    I’m not sure who would argue that there should be no government intervention when a civil contract is breached. Sounds like a strawman to me.

  56. . said on 11 May 2011 at 10:13 pm:
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    BTW mortgage fraud is a criminal, not a civil matter.

  57. Freedom said on 12 May 2011 at 6:00 am:
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    UncleBud, like Peter, you too need to read up a bit on the “Community Reinvestment Act.”

  58. peter danlyn said on 12 May 2011 at 6:29 am:
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    We could trade educated quotes and uneducated opinions about the Community Reinvestment Act until the cows come home, or until home prices rise to pre-crash levels.  Arguments on both sides range from salient to apocryphal, and each side makes some hard to dispute points.  Among them, that this 30+ year old corrective legislation has been manipulated by legislators and lobbyists to become temptation, rationalization, and straw man for unrepentant corporate con men.
    The Act performed well, and those buyers for whom it was developed paid the mortgages and became a surprisingly good risk.   When its arguably “loose lending practices” were offered to the hordes the trouble purportedly began.  But for each person whining that government thugs pressured financiers to weaken their standards there’s another that says lenders welcomed the opportunity to fabricate a lucrative new market.  As always, the truth likely lies somewhere between.
    The Act does not create lowered standards, and does not mandate that non-traditional qualifiers be applied or accepted outside of the targeted markets.  The lenders chose to offer no-down mortgages for higher valued properties in affluent neighborhoods. And to vanishing middle-classers who really wanted nothing more than a cheaper way to get that large screen tv. Or just to use equity to keep their heads above water while the finance big whigs soared over it in their private Lears.  Unfortunately, those buyers had no qualms about defaulting when they were upside down.  But again, who can blame them when the bank’s irresponsible actions were the root cause of the both the rocket boosted rise and free-fall of the value of the asset?

    The bottom line, though, is that the act explicitly told lenders to do all they could to encourage mortgages that were “consistent with safe and sound operation” Deregulators and community organizers may have inked in their own agendas, but that admonition remained unchanged, and ultimately unheeded.

  59. . said on 12 May 2011 at 7:48 am:
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    and stop smoking the bud.

  60. Anonymous said on 12 May 2011 at 9:22 am:
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    “until home prices rise to pre-crash levels”

    Might happen sometime around QE VII.

  61. park'd said on 12 May 2011 at 1:46 pm:
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    Sounds like smart financial sense to me in a housing market as bad as ours. Personally I just want to dump mine and move on from this area. Once the mortgage is more than what I can rent for, something major breaks in the house or one of the neighborhood thugs commits property damage against me then I will do the same. It’s not fraud at all. It’s called looking after one’s own interests. The banks do it every day. I consider my house to be nothing more than an investment that went bad in a neighborhood and city that the government allowed to devolve into a haven for illegal aliens and section 8 dwellers. It’s not personal, it’s business. Kudos to Babur for making the smart choice.

  62. Greg L said on 12 May 2011 at 2:08 pm:
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    Unfortunately this seems to be unlawful activity. Short sales are not supposed to result in the mortgage holder having his house bought by relatives so he can continue to live in it. I’m checking on what the specific legal issues are and what jurisdiction this falls under. So far it appears this violates federal law and may not be subject to the political whims of our own Paul Ebert, who only investigates and brings charges against Republicans when there are political overtones to a case.

  63. park'd said on 12 May 2011 at 3:33 pm:
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    Greg you will find that this is not illegal at all. There are no limits to who can buy a house in a short sale nor is there some kind of rule that says that person can’t rent it to whomever they want. The burden is on the prosecutor to prove fraud and there is no way they can prove that. This is just sound financial behavior on his part if you ask me. Nowadays you have to do whatever you can to get by and grab any piece of fruit you can while you can. After all the banks are doing it and getting away with it so it must be legal. I will have no qualms about doing something similar if/when the time suits me. Kudos Babur.

  64. Jin said on 12 May 2011 at 4:58 pm:
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    I have a great T-Shirt for people working on Babur Lateef’s campaign, “I’m with stupid!”. Of course, I’ll only sell it for cash in advance.

    In case you missed it http://dalecity.patch.com/articles/babur-lateefs-foreclosure-draws-suspicion

  65. peter danlyn said on 12 May 2011 at 9:13 pm:
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    Okay, lets take this tale far, far away from all the ideology, hidden agendas and self-interest. What we have is a charactor whose contract turned out to be quite calamitous due to deceptive actions by the other party. As it becomes clear that the contract’s terms will cause great harm, the charactor seeks a way out of the mess. Loved ones discover a loophole and they exploit it to extricate themselves and make the world right again.

    Come down on whichever side you like, but answer this one question first. Whether you prefer 200 year-old literature or contemporary animated blockbusters, did any of you really cheer for Rumplestiltskin to win?

  66. DigBig said on 12 May 2011 at 11:32 pm:
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    Wow. Patch is making the big time with some real investigative journalism. Kudos to them. Check this out: http://woodbridge-va.patch.com/articles/babur-lateefs-foreclosure-draws-suspicion

    This article is awesome!

    Apparently, the reporters asked Lateef for his tax returns, which is a pretty ballsy move. This is 100 percent fraud. His wife is removed from the deed? If that’s not premeditated then I am howdy doody. So, what Patch has proven is that Mr. Lateef is dishonest and as Mr. Stewart says in the article, I, too, think Lateef’s campaign is OVER. I really wonder if the reporters are holding back more on Lateef.

    I’m voting for John Gray. He’s smarter than Stewart and he’s not a hothead crusader against Mexicans.

  67. bsentz said on 13 May 2011 at 12:45 pm:
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    Peter, Are you saying Babur can’t read a contract and that he didn’t realize what he was signing???

    ‘What we have is a charactor whose contract turned out to be quite calamitous due to deceptive actions by the other party.’

  68. What a Character! said on 13 May 2011 at 12:58 pm:
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    This whole thread is a hoot!

  69. Maureen said on 15 May 2011 at 8:35 am:
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    Babur will have to file a financial statement because he is a candidate. People should be able to see this in the near future.

  70. Human being said on 16 May 2011 at 5:12 pm:
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    I can see that most responding have not a clue as to the process invlved in the Lateeef family’s financial problem. His home was sold at an auction open to the highest bidder. The sale price was less than was owed to the bank resulting in Dr Lateef still owing the balance. He was indeed fortunate that his brother was the highest bidder because most of the time the bank’s trustees make the winning bid. The stats show that during this recession a high percentage of high end houses have been foreclosed on at a higher rate than the low end homes. Nice of you folks to kick a family when they are down. If this can happen to this family maybe none of us are immune to financial trouble. Keep twisting the facts and be sure to contribute to this hate site. Keep hate alive.

  71. me said on 16 May 2011 at 8:35 pm:
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    Human Being,

    Give me a freaking break he made extremely poor choices went in debt OVER his head, still held on to his town home in Belmont he didn’t consolidate or tighten his belt and move back to a home more affordable. He was financially irresponsible with his money and now he wants to run for chairman of the BOCS so that he can have County tax dollars spent to fund peoples poor choices…..you must be related to him or delusional if you don’t see what a freaking nightmare of a candidate he is…………enter eye roll

  72. Fraud Detector said on 16 May 2011 at 8:36 pm:
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    The poster know ad “Human Being: is Babur Lateef. He has been caught and is still claims that he was down. He is a pathetic liar and now everyone including the medical community knows what kind of fraud he is.

    I bet he did not think that all his dirty laundry would be out in the open like this. He and his wife Tarannum Lateef, Omar Lateef and Najia Shakoor of Rush hospital in Chicago are not to be trusted.

    I’m sure Babur Lateef and Tarannum Lateef read this blog every day. People know what’s up, you had us fooled but now we know.

  73. Registered Voter said on 17 May 2011 at 3:40 pm:
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    It seems that Babur Lateef would not miss an opportunity to line his pockets. We don’t need this kind of corruption in PWC Government!

  74. Jon Wong said on 17 May 2011 at 6:42 pm:
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    Hey… CROOK Bank get plenty money…..CROOK Barney FRANK get plenty money….CROOK Tom DODD get plenty money….Now BABU get plenty money. BABU just get his peace! BABU not with nice people? You Know BABU mean? BABU KNOW!!!

  75. James Young said on 18 May 2011 at 9:41 pm:
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    Been meaning to post on this.

    This guy makes John Gray look good. I’m wondering whether Gary Friedman is reconsidering his withdrawal?

  76. James Young said on 18 May 2011 at 9:44 pm:
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    And Hillel, you’re right that Greg is wrong, but so are you. Lateef put another $10,000 from his business into the campaign, for a total of $20K … so far.

  77. ahmed jalal said on 15 Oct 2011 at 1:13 pm:
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    Amazing! I know the lateef’s personally and have been to their mansion more than a few times for lavish parties over the past 3-4 years. They talk about going through financial troubles? Both him and his wife and incredibly successful medical practices. They have 4 kids going through private school and he talks about having trouble meeting his mortgage? Ha! That is a joke! Now his sister in law owns the place while “renting” it to them— they will take it over in a few years at half the price they originally paid for it.

    This is complete and total fraud — for someone who claims he can help other people… help by lying and cheating and not the real people who need help with their payments.

    I will never vote for Dr. Lateef knowing what I know about him and his family.

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