U.S. Attorney's Testimony Shows Pattern of Fraud by Lenders

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SEE BEN WAGNER TESTIMONY

In conclusion, the Eastern District of California has been one of the hardest hit by the mortgage fraud crisis, and the people in our communities and across the nation have suffered the consequences of it – from steeply reduced home values, to ruined credit, to foreclosures and evictions. Lenders have suffered losses as a result of fraud by real estate and mortgage professionals, their own employees, and by buyers, all of whom took advantage of an atmosphere where fraud was rife and commissions were easy. This district has dedicated extraordinary resources to pursuing those who perpetrated mortgage fraud, and continues to increase its efforts, follow new trends, and achieve significant results.

Posted in bubble, Corruption, Eviction, securities fraud |