I am sure there are laws already on the books to prevent predatory financing and to stop loan originators from committing fraud?
Unfortuntely the laws that are on the books are not being enforced. Mortgage originators are fully aware of this. That is why when homeowners receive fliers in the mail to refinance, or pop ups when using a serach engine, many of the adds are not compliant with current laws. Special Agent Kellee Casebeer of the Dallas Division Field Office for the FBI, reported that the world transformed for white-collar crime on Sept. 11, 2001. It was the number one priority of the FBI prior to the terrorist attacks in New York and Washington, D.C., on that day. “But afterward, combating white-collar crime became number seven,” she said. “All the issues of terrorism moved into those first six slots.” What’s worse, Casebeer said, “within white-collar crime, financial institution fraud is number four, and within that is mortgage fraud. So, unfortunately you’re number four of number seven,” she told mortgage professionals in the audience, drawing some nervous laughter. The federal law enforcement agent s
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