1400 Real Estate & Mortgage Pros Arrested Today
OVER 1400 REAL ESTATE & MORTGAGE professionals were arrested today. Bear Sterns hedge fund managers were taken away in handcuffs. FBI special agents are the guys that carry guns. They actually arrest people for mortgage and real estate fraud.
I used to remind mortgage agents that when their client (my clients too) sign a deed of trust there is bold ten point print that points out that not occupying the property on a owner occupant loan, is a felony. I’ve even had people (not my clients) actually ask me “do we really have to move in?” Ya. Otherwise the guys with the guns show up. And now you know. They do arrest borrowers.
There are a variety of mortgage scams, but the most common one is the investor who applies for and gets an owner occupied loan, and never intends to move in. Bye Bye Puddin’ Pie.
McMurdie’s Real Estate Rule No. 26: Don’t be a Puddin’ Pie. Tell the truth.
1 comment
I think that each of these “shoddy” mortgage and real estate brokers should be sentenced to at least ten years in a southern prison!!! I suppose they will be fined and slapped on the wrist (maybe both wrists) when they really should sent to a special island to iive in grass shacks and learn to eat raw fish! Does this sound as if I really think that these guys were sleeze! I do! I do! Alis
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