Mortgage Fraud
Thursday, March 08 2007
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Mortgage Fraud
Mortgage fraud is at an all-time high. According to the F.B.I., cases of mortgage fraud have nearly doubled in the past 3 years.
The Brown Family Photo: Michael Lewis
The Brown family were victims of a mortgage scam. When Bridget and Bruce put their home up for sale, a con artist answered the ad.
They did a background check, but it didn't matter. After they closed the deal, his checks started bouncing.
I knew something was weird about the buyer, but I never thought it was criminal.
-Bridget Brown
Dick Gordon talks to fraud victim, Bridget Brown about getting tangled in a $1.2 million mortgage scam.
Jerome Mayne
Later in the program, Dick talks to Jerome Mayne. Jerome says he never thought he'd get in trouble for processing questionable documents that the realtor gave him about a potential buyer. He didn't look too closely, and didn't want to.
I told the realtor the buyer needed to make at least $13.75 to qualify for the home loan.
The next day, the realtor sent pay stubs: The buyer's hourly salary was $13.75 an hour. [And I thought to myself] How ironic.
-Jerome Mayne
Eventually, the FBI caught up to Jerome and he was sentenced to 21 months in federal prison. He tells Dick how he came to be charged with conspiracy to commit mail fraud, wire fraud and money laundering.
- Learn more about Jerome Mayne
- See the FBI's sample mortgage fraud scenarios
- Read stories of recent mortgage fraud cases
- Find out how to avoid mortgage fraud
Music heard in this program: The Scam and Wrong Business by Jerry Goldsmith for the album Matinee (Original Motion Picture Soundtrack)
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