31 people in Florida were indicted in a complex mortgage fraud scheme that installed scammers at every level of the transaction, from buyers to sellers to bank employees, title agents, and appraisers. [NYT]
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Just the very, very tip of the iceberg. I hope the jails have a lot of room. I know California doesn’t have any room.
There are a LOT of dumb (or wildly optimistic) people out there making stupid decisions. But there are a lot of criminal sharks out there as well. It makes me have some sympathy, and look askance at the “it’s their fault” crowd.
Iamme – yup. Jail time, lots of it. Crippling fines. All the way up the top of the org chart.
The Jackson County Missouri Executive Katherine Shields just spilled out of a rather large mortgage fraud by claiming complete ignorance of what was going on. Too bad I can’t get away with that argument.