Stories are hitting the news wires constantly about mortgage fraud:
- Three lawyers were among 13 individuals indicted in Manhattan Wednesday on charges of operating a mortgage fraud scheme that bilked banks and other lenders
- Mortgage fraud-related Suspicious Activity Reports referred to law enforcement increased 36% to 63,713 during 2008, compared to 46,717 reports in 2007, according to the Federal Bureau of Investigation’s 2008 Mortgage Fraud Report.
- Jonathan Boxman, an owner and operator of New York-based real estate title insurance companies, was charged in federal court in Brooklyn with defrauding his companies’ clients of more than $1.7 million.
- Six people have been charged in three separate, unrelated mortgage fraud cases in New Jersey, including two women accused of spearheading a conspiracy to use stolen identities to obtain more than $1 million in unauthorized mortgages, lines of credit and credit cards.
- After pleading guilty to wire fraud and money laundering charges in September 2008 in connection to organizing a large mortgage fraud scheme, Ronald Luczak of Cape Coral, FL, has been sentenced to 22 years in federal prison and ordered to pay $5.9 million in restitution to his victims.
We here at MetFund fail to understand why these people would go to such illegal lengths for the sake of some extra money. We find that if you treat your customers as you yourself would want to be treated the money will come.
They risk incarceration for years at a time when all they had to do was their job and do it well. Ah, that may be the problem: they never knew how to treat their customers well. It is becoming a lost art. We hear from consumers and practitioners alike of the lack of care given to potential clients.
No wonder they had to turn to such unscrupulous activities. They never knew better.