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Mortgage Fraud: The Forgotten Clue in the Minneapolis Duplex Market
November 3rd, 2008 categories: Twin Cities Real Est
The Realtor and two former loan officers are accused of conspiring with property buyers to submit false information to lenders in order to purchase homes at inflated prices and pocket the extra proceeds.
Mortgage fraud hasn’t received a great deal of media coverage in the latter half of 2008. However, I believe that when the forensics of history are applied to this economic crisis years from now, we’ll discover it played a much bigger role than we imagined. Read the rest of this entry »
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It’s Easy to Accidentally Commit Mortgage Fraud
June 13th, 2008 categories: Buying A Duplex, Financing, Legal Stuff, Twin Cities Real Est
We’ve all read the headlines about real estate scams in the recent boom years resulting in many of the foreclosures in the marketplace today.
And, we’ve all heard about mortgage fraud.
The extent of the problem has become so vast that, according to Bloomberg News, the FBI has ordered many field offices to stop investigating other financial crimes so agents can spend their energies on the sub prime mortgage crisis.
The FBI considers 12 markets rife with fraud: Arizona, California, Florida, Georgia, Illinois, Indiana, Michigan, Minnesota, Nevada, New York, and Ohio.
We’ve all heard the big stories about this; how the woman who earned $24,000 got a stated income loan where she qualified for a house she could never afford. How buyers and appraisers artificially inflated prices to receive kickbacks at closing, then never made a payment…
But I have to say, sometimes even something that seems like an innocent and logical solution to a problem is considered mortgage fraud.
What do I mean?
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