13 South Florida residents, including licensed mortgage brokers and attorneys, stand accused of engaging in a $16m mortgage fraud scheme, according to indictments made public this week. The documents, unsealed in a Fort Lauderdale federal court, alleges the defendants bought and sold property in Broward and Palm Beach counties using fraudulent filings to obtain loans.
Most Popular Articles
The average U.S. rate for a 30-year fixed mortgage fell to 3.33% this week, according to Freddie Mac, as the Federal Reserve’s bond-buying program created demand for securities backed by home loans.
By virtually eliminating any barrier to entry to obtain forbearance, policy makers have created outrageous moral hazard with potential costs that are unfathomable.