Mango
SoWal Insider
Mark my words...if the sleazeball-out-of-work-subprimates find their way into the reverse mortgage market, it won't be long till we'll be seeing Geraldo comforting teary-eyed grannies and congress calling for hearings to find out "what the hell happened?"
You've all now got front-row seats to watch a trainwreck in the making.
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Shelly, these are mortgages backed and insured by HUD. The Housing and Urban Development Corporation is wholly owned by the government.
The only type of "fraud" that can happen is if a loan officer is in collusion with an estate planner who can receive fees for referring these loans, and those that push for the programs with a large draw initially.
But HUD has intervened and made this difficult.
http://www.mortgagealmanac.com/articles/97-consalrevmtgescams.html