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February 25, 2009
A former mortgage company owner that runs a mortgage fraud investigative firm and authored a book about today's mortgage fraud epidemic shares his thoughts on the current industry's environment.
Michael S. Richardson, author of An American Epidemic: Mortgage Fraud -- A Serious Business, says today's fraudulent environment mirrors what he had written some time ago. He said he could bet most of the same people who were involved in the mortgage fraud are involved with the loan modifications designed to help the matter.
Richardson shares his view that it's those who haven't committed the fraud that will pay for it, unfortunately. His theory breaks down the staggering numbers to reveal that as much as 7,500 fraudulent loans are born every business day.
There is a light at the end of the tunnel however, but, he says, it will take time.
Read story at Team Cox Realtors
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