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The Masked Tulip

10,000 People With Criminal Records Were Selling Mortgages.

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An investigation by the Miami Herald found that, during Florida's real estate boom, from 2002 to 2005, at least 10,000 people with criminal records were selling mortgages. With easy access to people's credit and identity, brokers committed at least $85 million in fraud, the investigation found.
"There are cases where mortgage brokers are actually being compensated more for giving a more risky loan to that borrower," Haggman said. "We are in the midst of a foreclosure crisis that is, in part, related to the fact that there has been so much mortgage fraud."
"We're going to view this as one of the greatest debacles in the history of this country," said Richard Bitner, author of "Confessions of a Sub-Prime Lender." "The reason for that is we had so much malfeasance in so many different levels that brokers were certainly a main part of it."

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I think there was something similar discovered about parking attendants a few years back, companies actively recruiting criminals/scumbags. Probably not that surprising really, you cant really be a parking attendant AND have a heart.

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  • 396 Brexit, House prices and Summer 2020

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      • down 5% +
      • down 2.5%
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