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March 08, 2007

Mortgage Fraud

Mortgage Fraud

Mortgage fraud is at an all-time high. According to the F.B.I., cases of mortgage fraud have nearly doubled in the past 3 years. The Brown family were victims of a mortgage scam. When Bridget and Bruce put their home up for sale, a con artist answered the ad. They did a background check, but it didn't matter. After they closed the deal, his checks started bouncing.

I knew something was weird about the buyer, but I never thought it was criminal.
-Bridget Brown

Later in the program, Dick talks to Jerome Mayne. Jerome says he never thought he'd get in trouble for processing questionable documents that the realtor gave him about a potential buyer.  He didn't look too closely, and didn't want to.

I told the realtor the buyer needed to make at least $13.75 to qualify for the home loan.

The next day, the realtor sent pay stubs: The buyer's hourly salary was $13.75 an hour. [And I thought to myself] How ironic.

-Jerome Mayne

Eventually, the FBI caught up to Jerome and he was sentenced to 21 months in federal prison. He tells Dick how he came to be charged with conspiracy to commit mail fraud, wire fraud and money laundering.


The Scam and Wrong Business by Jerry Goldsmith for the album Matinee (Original Motion Picture Soundtrack)

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