“Fraud is increasing” – FBI.
Since real estate in the United States is not doing well (real estate market values are plummeting), lenders are more lenient in lending money to those who wish to have a new home. Also, since this is the case, a lot of scammers try to abuse the status quo.
A certain Mr. Cox was charged of real estate fraud in Atlanta, having scammed people from Florida to Nashville. He was able to accumulate $25 million for bank wire transfers, and he stole identities of the homeless just to get mortgages. The FBI classified real estate fraud as a white collar crime, describing it as robbing the people in a nice way.
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