Gangs Find New Source of Revenue: Mortgage Fraud

Discussion in 'Economics' started by CaptainObvious, Aug 24, 2007.

  1. In Albany, NY there is a case about mortgage fraud committed by none other than one of Albany Police Department's finest.

    He was buying shit holes in the hood, greasing the appraiser, greasing the mortgage guy to give a poor guy a mortgage and selling him these dumps at twice the price.

    Oddly enough the detective died in a car accident a few weeks after the FBI started investigating. Hmmm....sound slike foul play.
  2. Foul play? More like poetic justice!
  3. sim03


    Last paragraph might be the best part:

    "In other words, they can create all the paperwork needed to get a loan. And it is here where one might find the only bright spot in the recent credit squeeze that has made loans so hard to get: Wagner says gangs trying to push their mortgage fraud schemes are having trouble getting those loans, too."

    Who knew the beaten-to-death "subprime crisis" was the nation's secret weapon against mortgage fraud?