Many people were living very high during the boom years between 2004-2006. It was unbelieveable how homes here in Phoenix were increasing on a daily basis. Appraisers were out of control and mortgage fraud was everywhere. A lot of people made great piles of money. Where are they now? Most of the loan and real estate professionals have gotten out of the business.
FBI HAS BEEN CALLED UPON TO INVESTIGATE. SENDING THEIR FINEST.
TOP 10 STATES FOR INVESTIGATIONS WERE THE FOLLOWING:
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California
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Illinois
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Texas
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Georgia
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Ohio
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Colorado
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Maryland
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Florida
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Missouri
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New York
Were you surprised when you did not see your state on the list? Where is Arizona? I just wanted to share teh results with AR today.
The FBI considers two types of mortgage fraud.
- Fraud for property involves an applicant making misstatements like embellishing income and concealing debt to get a loan.
- Fraud for profit is a bigger problem with elaborate schemes involving falsified appraisals and loan documents and techniques like straw buyers, identity theft and shell companies.
Cited: http://www.azcentral.com/business/realestate/articles/2009/07/07/20090707biz-MortgageFraud0707.html
Authories predict that the current housing downward market is a prime opportunity for mortgage fraud to thrive. Personally, I believe people should earn money the honest way. That means working hard. Mortgage fraud will come to bite you down the road. Is it really worth it?
HARD TO DO BUSINESS WITH BLACK AND WHITE PIN STRIPES.
GRANDMA TOLD ME TO STAY ON THE YELLOW BRICK YARD AS DOROTHY.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.
Phoenix Real Estate Resource Center
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