Still More Fraud...
Today's Fraud memo brought to you by: Marinite
Some choice snippets from a Mortgage Industry Insider. (please go to the marin real estate bubble site for the full monty)
The following link will take you to an article written by the Mortgage Industry Insider on the state of mortgage fraud in the world of mortgage brokers.
"Stated income loan fraud is so wide-spread in areas of the East and West coast, here are actually mortgage brokers who openly admit to doing it. I myself am a broker and am subscribed to an industry internet message board at http://www.brokeroutpost.com/."
"These people are so naive, crooked, or comically misinformed that they are actually posting this on a PUBLIC internet forum! Considering the fact that there are actually enough mortgage companies participating in this that they have LO openly discussing it on an internet message board, how many "smart" crooks do you think there are that DON'T discuss it?"
"You can bank on the prediction that stated income loan programs will be the subject of massive federal investigations in the coming months and years."