We have long known that lender fraud was rampant during the real estate boom. The FBI began warning of an “epidemic†of mortgage fraud as early as 2004. We know that mortgage originators invented “low doc†and “no doc†loans, encouraged borrowers to take out “liar loansâ€, and promoted “NINJA loans†(no income, no job, no assets, no problem!). All of these schemes were fraudulent from the get-go...
From: http://ping.fm/gXrLG
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