On Oct 26, 7:03 am, Paul Cassel <pcasselremo...@comremovecast.net> wrote:
> How many have ever been prosecuted? I've never heard of a single one
> much less encountered it. Have you? Has any who say this is a criminal
> activity actually seen the general outcome of a criminal act - prosecution?
I just got over 421,000 hits by Googling "atlanta mortgage fraud ring" (without the quotemarks, just the keywords), mostly regarding the Atlanta, GA scam I mentioned in my earlier post on this thread. I also got over 658,000 hits using "mortgage fraud employment lie" which will lead to lots of other cases. I won't quote one here; read them at your leisure. The principal perps in the Atlanta case were indeed criminally prosecuted, their ring caused over $20m in bad loans to be made.
If your question was really, "will the little guy who just lies about having a job and then defaults on his mortgage (and the friend who participates in the fraud by lying about being his employer) also be prosecuted?", there is no legally principled reason why they would not be; fraud is fraud. However, the prosecutors are more likely to spend most of their time going after the big fish who cause a lot more harm, like the Atlanta fraud ring, rather than some smalltime loser who lies to get a loan. But that doesn't make the little guy's conduct any less criminally liable.
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