Making builders accountable to homeowners
CBS News reports on FBI Mortgage Fraud Crackdown
More than 400 real estate industry players have been indicted since March - including dozens over the last two days - in a Justice Department crackdown on incidents of mortgage fraud nationwide. Bob Orr reports.
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Comment by Wayne Caswell on March 14, 2009 at 10:19am - This report shows examples of mortgage fraud from builder-owned finance companies (mortgage, title and insurance) and the conflict of interest that encourages them to cheat the system. In our informal survey of the top out-of-state volume builders operating in Texas, ALL of them owned their own finance companies. Without laws that make such vertical integration illegal, this sort of activity is bound to continue.
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