UK HOME seekers will soon have to show their FINGERPRINTS to take out a mortgage.
Banks and building societies will introduce the measure for first-time buyers to clamp down on identity fraud.
(Extract) Our crooked developer is now ready to sell each condo at the market rate of $280,000, but he’s invested only $55,000, the purchase price, plus rehab — in each unit “conversion.”
Who’s going to buy a condo for $280,000 that from the inside looks like an unimproved Chicago apartment unit?
A phoney buyer, of course.
And who is going to arrange for a mortgage for this phoney buyer? You guessed it — a crooked mortgage broker. And who is going to see a $280,000 condo where there is really a an unimproved apartment — an appraiser tending toward criminal overstatement.
Hometownlife Reports:
Oakland County residents are falling victim to the fastest growing white collar crimes in the nation — mortgage fraud.
“There are many criminals committing mortgage fraud from the inside,” said State Rep. James Marleau, R-Lake Orion. “Residents are losing their homes because of individuals they believe to be trustworthy.”
Entrepreneur Magazine reports:
By Kristin Edelhauser
‘Tis the season for eggnog, mistletoe and…cyber crooks? It’s unfortunate, but as consumers become more comfortable with online shopping, cyber crooks are getting better about finding newer, sneakier ways to trick them into passing on personal information for their own gain.