Anyone out there noticing a lot of loan fraud in their market area that was done by loan originators who?

Asked by Gary Frimann CRS, GRI, Gilroy, CA Sun Jun 29, 2008

actually bought the house themselves as investment property? If seems rampant in Gilroy. Not necessarily loan agents either as some sales agents seem to have taken advantage of easy underwriting for their own greed and it is now hurting us all... Comments? Is anyone doing anything about? Is the DA being active in this?

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Jed Lane, Agent, Petaluma, CA
Sun Jun 29, 2008
Gary why don't you ask the DA. If you know of lender fraud you should "drop the dime". But remmeber that being greedy isn't a crime. But if it crosses the line into fraud then you have a crime. Mortgage brokers and real estate agents got caught up in the appreciation frenzy just like lots of other folks. Now everyone is paying the price.
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