200 FBI agents investigate Mortgage FRAUD-

[Account Closed]

UPDATE:

200 FBI agents investigate mortgage fraud:

http://www.reuters.com/article/gc03/idUSN1643242520080516

Recently I have been more focused on the affects or Mortgage Fraud and the role the fraud has played in the Melt Down. I am honored to be associated with several top Attorneys in the Real Estate and Banking Industry and have continued to learn from these valued associates.

Today I was turned onto this top industry web site related to Mortgage Fraud and found the following article very informative.

WEB SITE:
http://www.mortgagefraudblog.com

RELATED ARTICLE: Link below

By KELLY BENNETT Voice Staff Writer, Voice of SanDiego.org
September 24, 2007

To a frustrated home seller in the current real estate market, it sounds like an offer from an alternate, utopian universe: A buyer offers to pay as much as you're asking -- plus 10 to 30 percent -- and you just kick the difference back to the buyer in cash after the deal closes. You'll get out of the house without knocking tens of thousands of dollars off of your asking price to compete with the other 23,000-some homes on the market in the county.

But the offer fits the profile of the most prevalent kind of mortgage fraud against lending institutions in San Diego County, experts say. Typically called "cash back at closing," an example of the scheme looks like this: A house has been listed on the market for several months at $500,000. Then, without fanfare, the listing agent raises the price to $625,000, and hires an appraiser to say the house is worth the new, higher amount. Based on that appraisal, a lender approves a loan for $620,000.
Soon, the buyer purchases the house for $620,000, using a mortgage for 100 percent of that amount. The sellers get their full price, the buyer gets close to $100,000 cash, and the agents for the buyer and seller garner a higher commission than they would have on the original list price.

CHECK out the full article by one of the industries leading FRAUD experts:

http://www.voiceofsandiego.org/articles/2007/09/24/news/02mortgage092407.txt