Mortgage Fraud
mark94
Arizona
Sunday, August 6, 2023 9:29 PM
The Federal Reserve Bank of Philadelphia has published a study showing widespread fraud among residential mortgages. This includes people lying about whether the house is a primary residence and whether there was a second mortgage on the home.
Why does this matter ? It means the claim that 90% of homes are owner occupied with plenty of equity is false. It means there isn’t a shortage of housing but rather a lot of people own multiple homes.
It means the housing bubble is bigger than we imagined. If these investor and vacation homes hit the market, it will be nuclear.
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