Here it comes.... I know your sick of it....but hang on...it's refresher time just to keep you vigilant.
Financial crimes are growing like poison ivy in Tarzan's backyard. Criminal activity in the United States is staggering in this arena and is one of the fastest growing crimes in America, outpacing the drug dealers. Fraud involves two parties basically: one creep makes a false statement of fact material to the business involved and the other party relies on that statement to their detriment and loses their shirt. In mortgage fraud false or inaccurate information presented with a mortgage application is provided and that information causes a lender or somebody else in the chain of approving the loan to make the loan or to make the loan on terms and conditions different than if the slimeball had told the truth.
Mortgage fraud includes a whole collection of things sharing a common attribute representing illegal business dealings. The different schemes that these despicable rats use include, but are certainly not limited to, property flipping, equity skimming, application fraud, credit or income misrepresentation or asset and down payment misrepresentation. Mortgage industry professionals and law enforcement break these different schemes into two groups. Fraud for housing and fraud for profit. We'll talk later about this.
What have been your experiences with this crime ? Have you got a story or two to share ?
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