Regulators Struggle to Contain Foreclosure Fraud
The government is struggling to hold back a wave of foreclosure "rescue” scams arising from the growing number of homeowners facing the loss of their homes.
Unfortunately, the regulators may be fighting a losing battle.
Sadly, there continues to be con artists who prey on borrowers desperate to find a way to keep their homes. If many of these "get rich quick scammers" would channel their knowledge & ingenuity in the proper direction then many more homeowners would get the help they desperately need.
So many homeowners have been through enough difficulty in the past few years the last thing they need is to get scammed
as they struggle to keep their homes.
Over 6 million households are expected to face foreclosure in the next several years.
As the real estate industry continues to sputter the problem of an increased number of "scam artists" will become even a bigger issue.
The Federal Trade Commission has sent warning letters to 71 companies it says were running suspicious advertisements and has filed five new civil cases to halt illegal loan modification scams.
Presently the FBI is investigating about 2,100 mortgage fraud cases. 
Prosecutors attempting to shut down these scams seem to be fighting a forest fire with a water psitol.
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