Crackdown on realtors and brokers?

Question

I heard last night they shut down a realtor in my area and peops are going to jail in Ny for cash back scams, defrauding lenders ? what is this about?

Answer 1

Fraud in the real estate market is rampant, there is a really good website at http://www.mortgagefraudblog.com that covers most all of the current cases in the US.

Mortgage fraud is growing like crazy and here in Kansas City there have been several major cases. The FBI is almost always involved. As the loans are backed by the federal gvt. most of the scammers wind up in Federal prison.

Mortgage fraud can be committed by one or all of the players in a deal: The seller, the buyer, the agent, the lender or the appraiser. Often there are more than one of these individuals involved in the fraud.

Locally our county executive is even up on charges for taking a kickback from the sale. She and her husband are both laywers and somehow did not know what they were doing was illegal.....

Democrats!

Answer 2

Mortgage fraud is being cracked down upon by the FBI. Lenders, Realtors, buyers and sellers are all going away.

The biggest problem, is that as with all industries, the best witnesses and sources of information are in the industry - the other Realtors and loan officers. People in the industry need to be willing to come forward with information when they get it - Realtors, when you receive a "crooked offer" on one of your listings, it's not enough to just tell the other Realtor "No, we don't play that way..." You need to pick up the phone and call the FBI.

Answer 3

It is about time.
There is a lot of Realtors and lender that need to get busted.
http://www.breakingbubble.com/index.htm

Answer 4

There are bad apples in every industry. Could you provide a source / link to the article?