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Shocker: Mortgage Fraud Is Rampant

From a gobsmacked Reuters:

U.S. mortgage fraud "rampant" and growing: FBI

SAN FRANCISCO (Reuters) – U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday.

Suspicious activity reports rose to 63,713 in fiscal year 2008, which ended last September, from 46,717 the year before. California and Florida, centers of the housing bust, had the highest numbers of suspicious reports as foreclosures jumped, the stock market dropped and credit dried up.

"These combined factors uncovered and fueled a rampant mortgage fraud climate fraught with opportunistic participants desperate to maintain or increase their current standard of living," the Federal Bureau of Investigation said in its report.

"Industry employees sought to maintain the high standard of living they enjoyed during the boom years of the real estate market and overextended mortgage holders were often desperate to reduce or eliminate their bloated mortgage payments," it said.

Reports filed through March put fraud reports on track to top 70,000 in the current fiscal year, the agency said.

When you mandate mortgage fraud, you shouldn’t be too surprised when you actually get it.

Of course it is those greedy ‘industry professionals’ who are to blame.

This article was posted by Steve on Wednesday, July 8th, 2009. Comments are currently closed.

12 Responses to “Shocker: Mortgage Fraud Is Rampant”

  1. U NO HOO says:

    As a simpleton I ask, “How can there be mortgage fraud?”

    Are you paying my mortgage?

    Am I paying your mortgage?

    Or what?

  2. Rusty Shackleford says:

    “When you mandate mortgage fraud, you shouldn’t be too surprised when you actually get it.”

    And lo, God said, “Thou hast wishest thy goats to have three heads. Why hast thou cried so when they have thus?”

    More colloquially, “Careful what ya wish for”

    And yet, it proves once again that time after time, over and over, the stupid human DOES NOT LEARN.

    Social Darwnisim works! Let them die. Let them go homeless. Let them suffer who has no ability to learn.

    They should not become the problem of they who have worked, protected themselves and insulated themselves from such folly. Why is it that if some idiot builds a house of sticks and the big bad wolf blows it down and is eaten by the wolf..Why then the one who builds their house of brick needs to be liable to the idiot who didn’t?

    The lessons show that both of those pigs are not stronger….it simply shows that both those pigs now live a DIMINISHED life rather than one be strong and the other GONE.

    Even a 5 year old can see this.

  3. proreason says:

    Drooling Barney Frank’s happiest moment.

    NOW the country feels his pain.

    Of course, his pain results from being a pervert that even other perverts reject. But all that is irrelevant to his revenge.

  4. Travis says:

    Barney Frank and Chris Dodd did some number on us, huh?

    • Liberals Demise says:

      Sure did and it is everybody’s fault, not theirs. Criminals don’t toss other criminals in jail. They reap their reward they foist upon themselves!!

  5. Trialdog says:

    Could just be that the only “stimulus” money producing results is that which went to ACORN.

  6. Chinnubie says:

    What more do we need to see in order to realize we MUST initiate “Term Limits” on our Congressmen.

    I really wish Republicans would go after the Democrats responsible for this housing debacle. Glenn Beck asked Carl Rove about this and he said,(Paraphrasing)”A lot of Republicans are involved with this mess too.” I thought SO WHAT the individuals that are responsible should go down or resign.

    Oh that’s right, we are talking about Washington politicians, they all just play CYA and screw who gets harmed even at the expense of the entire country and our credibility around the world.

    I know we’ll just USE the taxpayers to rob generations of Americans for a phony bail-out scheme that makes Bernie Madoff look like a pick-pocket!!

  7. JaneLovesJesus says:

    At some point, is Acorn going to use a little of that gazillions in govt. money to at least FAKE grassroots a little better? And the matching hats…..

  8. 1republicanscientist says:

    Acorn…in through a squirrel’s mouth and out through its @ss, a tiny seed becomes a mighty tree…”homeowners and industry professionals tried to maintain their standard of living from the boom years.” What standard? Make 20K/year and live in a 300K house? Hell yes. Remember the quote from the election, “I can’t believe for the first time in my life I am not going to have to worry about making my house or car payment!” That’s OK sweet lady, I am gonna do it for you! YES WE CAN!

  9. Yarddog1 says:

    Where are all the poor White folks that got suckered in this mess? All I ever see are the minorities. This s–t just doesn’t fly. These people are always wanting something without contributing one iota to our society. It is high time we did something about this crap. I am sick and tired of these people blaming someone else for their shortcomings as well as fed up with taking care of this collection of useless dung. My blood boils when I think that this collection of sub-humans will be in charge of the census. We should be rioting in the streets. Or, better yet, we should all just stop producing anything. Without handouts and subsidies this group would soon disappear.

  10. PCP Smoker says:

    Sure they cheat, but you have got to hand it to ACORN or COI; they have true style. Look at the guy in the background- the big guy with the brown jacket. Not only is he wearing the ACORN cap, but he is got it tilted to the left — gangster style.

    Now way that a bunch of weak-kneed, guilty white men like McLame or Gramnesty or Romney are going to score a victory against this ace. No way.

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