Mar
17
Mortgage fraud is on the rise, up 26%, and it's a serious problem. Fewer loans are being processed but there's more fraud, suggesting there is a real sickness in the system. It means people are getting more desperate.
The increase in mortgage fraud is linked to other crimes like check fraud, money laundering and stock manipulation, according to this report.
The Washington Examiner says Obama should be focusing on mortgage fraud rather than chasing down executive bonuses at AIG. But it's missing the point. While Obama has done a face-saving back flip, the problem with AIG and mortgage are symptomatic of the same disease. In a downturn, the desperate vultures come out.
no comment untill now