Mortgage fraud is still on the rise and New York isn’t dodging the bullet in the crisis. New York came in as the second worst state for mortgage fraud in 2009, according to the Mortgage Asset Research Institute. Mortgage fraud helped to build the housing crisis. Mortgage professionals would get loans for their consumers by doing such things as listing false income claims for borrowers and overstating a home’s appraised value. New York came in as second worst in 2009 for mortgage fraud, with a mortgage fraud index reading of 217, up 14% since 2008.
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The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations. “When income fails to keep pace with home prices, the latter must fall back,” the post said. “Falling home prices, in turn, drive down household spending.”
Vision Property Management has already run into trouble in Wisconsin and New York, with each state claiming that the company’s rent-to-own business model is actually a scam designed to prey on low-income individuals who want to buy a home. And now, the company has another state to deal with: Pennsylvania.