What is odd about this is…
Why is the FBI announcing beforehand they are going to bust these guys?
Going to be a busy weekend at the International Airline Counter…
Mortgage fraudsters beware. The F.B.I. is gearing up for a nationwide clampdown in a new effort to slow the kind of lending practices that led to the housing crash of 2008, The Financial Times reported.
Hundreds of people are expected to be arrested in the sweep, which will start as early as next week, The FT said, citing two people with knowledge of the operation. An F.B.I. spokesman declined to comment to the newspaper.
Charges are expected to be leveled over offenses ranging from pushing borrowers to lie about their income on mortgage applications to providing homeowners with false information about foreclosure rescue programs, the newspaper said.
The F.B.I. has set up 23 local mortgage fraud task forces around the United States since October 2008 with the mandate to limit the illegal misstatement, misrepresentation or omission of material facts on mortgage applications.
The FT noted it was mortgage fraud that led to the expansion of the housing bubble and eventually accounted for its catastrophic burst, as loans were handed out to borrowers with unsubstantiated incomes and low credit ratings.