FRAUD, FRAUD, FRAUD - I hope all of you guilty of felony fraud go to prison!  I'd like to send Sarah Palin after you with a nuzzle in your back to shape you up after all that would be better than what you may face in prison from what I hear.  Yes, I feel as though I woke up on the wrong side of the bed, but I didn't - these people are hurting our industry, the housing market, and our reputations that we work so hard for.  It has to be STOPPED.

MARI's (Mortgage Asset Research Institute) released a report 8/25 stating that the number of fraud cases jumped 42% between the second quarter of 2007 and the same period this year.  The internet is a KEY facilitator with many sites hawking fake income, employment verifications, tax filings, credit scores, deposit verifications, and other forms of deception. 

The highest numbers of fraud reports came from Florida, California, Maryland, Illinois and Michigan.  I don't know for sure the foreclosure rates in those states but I believe Florida and California rank toward the top. 

Mortgage consultants:  if you have received a blitzed email "pay stub and job verifications - show the income you need on paper" and you responded and used it, shame on you.  I hope you are caught and go to jail or prison.

If you are buying or refinancing: WORK WITH A MORTGAGE PROFESSIONAL IN PERSON!  If you provide or take part in any fraudulent documentation to qualify for a mortgage because you found a way to cheat the system, DON'T.  Take the time to fix your problems, remedy the situation and keep yourself out of prison or jail! 

Anyone in the real estate profession:  if you knowingly use a straw buyer (being paid $7,500 per transaction for their financial identities and then later claim identity theft, shame on you.  I hope you are caught and go to jail or prison. 

If you are creating fake lien-release from a bank or mortgage company indicating that the debt against a property has been paid, and there is no further lien against the house, you can join the other crooks in this business in prison.

If you are hijacking law-abiding professionals - appraisers, in particular - then submit bloated valuations squeezing higher mortgage amounts, shame on you - you can go to prison too.  Can you imagine finding out its letterhead and documentation identical to yours and you had not performed any of the work?  Scammers scam everyone.

These online crooked websites are opened, closed, and re-opened under another name before the FBI or state financial crime investigators can zone in on them.  They call these web-based crooks nimble, creative and technically savvy.  I call them what they are crooks that need to be caught and sent to prison for felony fraud.

If you can't do business the legitimate way, get out now.  I am tired of regulations imposed when a small percentage of the industry is screwing it up.  Take responsibility for your life, your business, and your...oh, that's right you have no scruples, values, or reasons; you can just get by with it - but only for so long.

Rant over!