This article looks at sub-prime mortgage fraud against Hispanics in the San Jose, California area.
It’s a good backgrounder on mortgage fraud no matter what the language.
I don’t think it’s politically correct to point this out because the article didn’t, but it sure seems like most of the bad guys mentioned also had Hispanic surnames.
Which reminds me of the real estate fraud that took place in a Filipino community in Southern California. Filipinos were being taken advantage of by other trusted Filipinos.
3 responses so far ↓
1 Lucy // Mar 20, 2007 at 6:17 am
Wow, I knew it was bad, but just reading it gives you chills. Ralph Roberts is quoted in the 2007 edition of the Swanepoel Trends Report by saying that more and more people are being sent to jail on charges of bank fraud and conspiracy to commit mortgage fraud. This is a major concern to me. What do you think, will it get worse before it gets better?
2 John L. Wake - Realtor // Mar 20, 2007 at 10:51 am
Lucy,
The game is up on mortgage fraud.
It’s much tougher to pull off now since all the lenders are on the lookout for it.
I also expect a ton of legislation on mortgage fraud which will make it even more difficult to pull off in the near future.
Now, of course, the previous mortgage fraud will show up in increased foreclosures starting this year and going forward for several years.
3 Lucy // Mar 21, 2007 at 1:34 pm
Thanks, John, for sharing your perspective.
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