Factoid of the day
How many agents in the Baltimore FBI office are investigating mortgage fraud?
Twenty-five percent.
That's one of the interesting facts in this story, which notes that a new task force of state and federal officials is focusing its attention on high-mortgage-fraud areas in Maryland. According to the Associated Press:
The task force is attacking a spectrum of fraudulent acts, from phony home appraisals and loan documents to dubious foreclosure-prevention specialists who prey on those who've lost the equity in their home and need to rebuild credit.
Comments
I'm glad to read about this. It's really overdue. A lot of people have gotten hurt by what's been going on so I hope the FBI and other agencies continue to ramp up efforts to keep people honest.
I think I have something they may want to take a look at. As a first time buyer, I've seen quite a large variety of rates, junk fees, appreciation charts, and other things. If I wasn't so smart with money, I could see how someone could easily fall prey to some of this stuff. Telling someone they can expect 5% appreciation each year for the next 5 years is just one example.
Posted by: BigDragon | February 20, 2009 10:34 PM
Are we all just stupid humans??? Its very sad that no one is responsible for anything they do in this country. Yes, some people are victims of bad circumstance, such as losing jobs, illness or layoffs. How many people treated their houses as ATM's when property values doubled and bought luxury items such as large SUV's and vacations, yet couldn't make the payments.
Posted by: Innocent Victim | February 22, 2009 8:00 AM
Will the FBI be investigating the SEC and the FDIC and the other agencies allegedly in place to monitor the conduct of the banks, brokers, and others without whom the liar loans, squirrely appraisals and general abandonment of LTV standards were approved?
Posted by: MrRational | February 22, 2009 5:59 PM