Aces High Bulletin Board
General Forums => The O' Club => Topic started by: Kaw1000 on June 19, 2008, 02:35:58 PM
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http://news.yahoo.com/s/ap/20080619/ap_on_go_ca_st_pe/mortgage_fraud
Its about time these schleps get smoked for their dishonest ways!!
For once, in a long time I say "wtg to the goverment!!"
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"misrepresentation of a buyer's intent to occupy a property as a primary residence."
flip this house. :D
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The one I like is the take off of the old horse track scheme , you know get the bum to go up to the window to collect your winnings so the IRS comes after him.
The real estate agent gets the appraiser to value at 6x value and the mortgage originator sells it on the open market.
They clean up a bum, bring him to the closing with a promise of $500.00 and a place to live for a year or so until foreclosure,
to satisfy the title company and they make a killing.
Been going on for years.
Back when you had local bankers involved it wouldn't fly because they knew the area's.
I love fraud investigations, you learn so much, all criminals are not stupid :)
shamus
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gotta love an election year.........seems many long need things/legislation are suddenly happening