Identity Theft with A Real Estate Twist
June 21st, 2008 Categories: Real Estate News
As part of its sweeping Operation Malicious Mortgage, the FBI is finding that mortgage scams are just the tip of the iceberg. Reporting for National Public Radio’s Legal Affairs, Dina Temple-Raston noted that officials have started arresting people for scams tied to home equity lines of credit.
Raston says: “Instead of stealing an identity to secure a credit card, scammers have been zeroing in on people they think have a lot of equity in their homes. They steal their identities, then go online and get a home equity line of credit on that person’s house and take the money. The FBI said the possibilities seem to be endless, and even in a down market, there are many opportunities for scam artists.”
Be sure and read Raston’s full report. The good news - for the honest, hard-working real estate agents, brokers, appraisers, developers, bankers, etc. who are in the majority - the FBI intends to catch and prosecute ANYONE involved in mortgage fraud.
Stay tuned,
Michael
