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The Christian Science Monitor and Real Estate Fraud
You can now add The Christian Science Monitor to the list of major American media outlets that is choosing to provide coverage of the growing problems associated with a cooling real estate market and fraud. On page two of today’s edition, Staff Writer Patrik Jonsson take readers on a journey that starts with Matthew Cox’s most recent court appearance, and ends with a reminder that for every Cox that’s caught, thousands of others remain on the loose and difficult and track down. In between, Jonsson provides insight from a Rutgers University policy analyst, a former loan officer who spent two years in federal prison for conspiracy to commit mortgage fraud, and yours truly–FlippingFrenzy.com founder, Ralph Roberts.
From The Christian Science Monitor:
Real estate fraud has now firmly emerged on the FBI’s radar as the country’s fastest-growing white-collar crime - all, in essence, polite forms of bank robbery. Industry losses ran to at least $606 million last year, it says. And the Treasury Department’s suspicious-activity reports are up 35 percent this year. The Internal Revenue Service’s criminal case numbers in mortgage fraud have been doubling every two years through the first half of this decade.
If the downturn continues past 2007, experts say the implications for the economy could be dire.”Real estate fraud is going to make the S&L crash look like two cars in the parking lot that bumped into each other at five miles an hour,” predicts Ralph Roberts, the author of “Flipping Houses For Dummies,” in Warren, Mich.
Georgia is a major hot spot of mortgage fraud, where metro Atlanta has become known as the mortgage fraud capital of the US, according to rankings by Fannie Mae.
For the complete story, see Real estate fraud rises in US.
Filed under: Georgia, Matthew Cox, Mortgage Fraud, Real Estate Fraud
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