OpinionIndustry News

‘Crackdown’ on real estate fraud not enough

Guest perspective: Fraudsters still getting away with mortgage schemes

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Editor's Note: If you suspect mortgage fraud, the FBI suggests reporting it to your local FBI Division; a list of contact numbers appears at http://www.fbi.gov/contact/fo/fo.htm. The FBI has a mortgage fraud education page online that explains various types of schemes. The agency also accepts fraud tips at its Web site: https://tips.fbi.gov/. Mortgage industry watchdogs recommend contacting your state's regulator or attorney general. I've been noticing a lot of articles lately about how the FBI is cracking down on mortgage fraud. I think that's wonderful, if it's true. Loan fraud is a multibillion-dollar business that hurts us all. I'm a real estate broker in the Dallas Fort Worth Metroplex in Texas. A listing client of mine recently asked my advice about an interesting offer she had received. A "corporate leasing" buyer wanted to pay her full asking price of $325,000, plus an additional $100,000, which she would pay back at closing. The sales contract would be for $425,000, and the...