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The FBI is cracking down on perpetrators of mortgage fraud and it looks like they are going after some big fish. Unfortunately the pond is HUGE.
I have said it before but it bears repeating: if they went after all the buyers and lenders who committed mortgage fraud we would not have enough room in our prisons to hold them all (of course not, our prisons are already overcrowded).
If you’re wondering what exactly constitutes mortgage fraud read this from the FBI’s website:
Additionally from the FBI’w website where the subject of mortgage fraud is reported they state: “Each mortgage fraud scheme contains some type of ‘material misstatement, misrepresentation, or omission relied upon by an underwriter or lender to fund, purchase or insure a loan’.”
And what is the easiest way to avoid committing mortgage fraud?
DON’T LIE ON YOUR APPLICATION!
Tags: fbi, fraud, fresno, mortgage
1 response so far ↓
1 Marla // Jun 19, 2008 at 5:14 pm
I uncovered a real estate fraud operation in Fresno entailing selling of structures that have been extensively altered as a result of secret altering of the city sewer and water system. With no permits or inspections on record, these structures continue selling as “original.” New deeds entail revised property lines.
The group behind this is extremely dangerous - running people off their property, altering/forging names of people never seen again, illegal conversion of assets. Loosening clamped water lines to create mold lawsuits, insurance claims, foreclosure, condemn.
All being altered and recorded through local title companies - older records “no longer available.” This is why Fresno has no older records.
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