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Due Diligence Out the Window
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March 31, 2009
Perhaps if lenders had carefully reviewed many of the loans that were discovered to be fraudulent, many of the mortgage fraud schemes could have been stopped in their tracks, according to one editorial.
U.S. Attorney Jeffrey Sullivan's indictments included those who ran a scheme that involved one property bought at $670,000 in August 2007, that sold for $1 million a month later and then again two months later for $1.4 million.
It appears that some lenders weren't checking all their facts or questioning the jumps in value.
Read story at The Seattle Times
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