It goes without saying that in the majority of cases, either independently or in collusion with brokers, loan applicants lied about incomes on mortgage applications. Much less well known are the thousands of cases where brokers acted independently to falsify incomes. Ultimately, I have some sympathy for these people, but not too much. Buyer beware, know what you're signing, etc. Cliché though it is, I have always accepted personal responsibility for any contracts I sign.
Still this is an interesting clip. And I thank the creator John Mattes for sending it my way. You can see more of his videos at:
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Now read this:
CHICAGO (Reuters) – The house on the 53rd block of South Wood Street in Chicago's Back of the Yards doesn't look like a $355,000 home. There is no front door and most of the windows are boarded up.
Public records show it sold in foreclosure for $25,500 in January 2009, then resold for $355,000 in October. In between, a $110,000 mortgage was taken out on the home, supposedly for renovations. This June, the property went back into foreclosure.
To Emilio Carrasquillo, head of the local office of non-profit lender Neighborhood Housing Services of Chicago (NHS), the numbers don't add up. He believes this is a case of mortgage fraud.
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