Article Image
News Link • Corruption

Flipping, flopping and booming mortgage fraud

• Reuters

Public records show it sold in foreclosure for $25,500 in January 2009, then resold for $355,000 in October. In between, a $110,000 mortgage was taken out on the home, supposedly for renovations. This June, the property went back into foreclosure.

To Emilio Carrasquillo, head of the local office of non-profit lender Neighborhood Housing Services of Chicago (NHS), the numbers don't add up. He believes this is a case of mortgage fraud.

1 Comments in Response to

Comment by Ross Wolf
Entered on:

This article mentions the U.S. Patriot Act of 2001 allows lenders a safe harbor to share information, but doesn’t mandate it; that it is entirely a voluntary process. But Rossi stated government should step in, take the initiative.

If government forces lenders to share private information in real time about all mortgage applicants; such intrusion by government would be alarming. Consider that Obama Government recently employed a vendor to search Internet social networking sites to collect information about Americans that could potentially be used by this government to injure Americans, for example, if you apply for a federal job, your name might be crossed referenced by the Obama Government with comments you made at Websites against Obama; if you make application at a bank for a loan the Government has control since the financial crisis, could your Internet comment(s) prevent you getting that loan? Imagine if a corrupt government could monitor in real time all business and personal loan activity of everyone including its political adversaries. A corrupt government could easily block someone getting a needed loan. This is not new—the Nazis did it.

Join us on our Social Networks:


Share this page with your friends on your favorite social network: