Posted by Stamper_WI on 10/19/08 5:38pm
Msg #267756

New kind of mortgage fraud

So it begins

http://money.cnn.com/2008/10/17/real_estate/new_mortgage_fraud/?postversion=2008101715

Reply by Therese on 10/19/08 7:19pm
Msg #267759

The buy and bail has been really common here in CA

Reply by MW/VA on 10/19/08 8:50pm
Msg #267763

There's a saying that goes "Crisis brings out the best in the best & the worst in the worst.
This is certainly the case in today's financial market. The criminals are playing the numbers--knowing there's so much going on it cuts down the chance of their getting caught. The one that gets me is the "liar loans". I know for a fact that some brokers TOLD people to lie about their income levels to get them into these "no doc" loans. We all know that the fraud is committed by the person who falsifies their information. It is a felony to obtain credit using false information.

Reply by Stamper_WI on 10/19/08 10:38pm
Msg #267769

I did a loan that is being investigated now. I call it a slide on the side. Borrower is asked for money on the side by the LO. LO eats it on the HUD.

Reply by Hasina Baker on 10/20/08 5:48pm
Msg #267832

Dont these people know that they will reap what they sow .... in one way or another it does come back ..... if only we have eyes and mind to see it. This is the LAW of the universe .... just like if you throw a ball in the air it will come down. Law of gravity.