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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
