Subprime loans are gone, but mortgage fraud is alive and well, a Freddie Mac mortgage fraud investigator says.
During the mortgage fraud boom, predatory borrowers overpriced properties, took out 100 percent financing, paid the seller a lower price and pocketed the rest. The scammer stopped paying the mortgage in a few months.
No longer, says Jenny Brawley, a mortgage fraud investigator at Freddie Mac.
“Most of my cases right now involve loans that are current,” she said this morning at the National Association of Realtors conference in Orlando
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