Posted by: jhamon | July 8, 2009

Desperate Mortgage Brokers Do Dastardly Deeds? Say It Ain’t So!

Seriously, some of my good friends are mortage brokers.  And they’re honest.  But apparently not all are…  From U.S. mortgage fraud ‘rampant’ and growing-FBI:

SAN FRANCISCO, July 7 (Reuters) – U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.

Suspicious activity reports rose to 63,713 in fiscal year 2008, which ended last September, from 46,717 the year before. California and Florida, centers of the housing bust, had the highest numbers of suspicious reports as foreclosures jumped, the stock market dropped and credit dried up.

“These combined factors uncovered and fueled a rampant mortgage fraud climate fraught with opportunistic participants desperate to maintain or increase their current standard of living,” the Federal Bureau of Investigation said in its report.

Now that U.S. real estate market is on life support, we’d better get some regulation together to prevent this from ever happening again.  Ever.

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Responses

  1. […] This post was Twitted by jhamon […]

  2. […] jhamon wrote an interesting post today onDesperate <b>Mortgage Brokers</b> Do Dastardly Deeds? Say It Ain't So <b>…</b>Here’s a quick excerpt […]

  3. Great – really fantastic matter. I will blog about it as well!!


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