The New Mortgage Fraud: Homeowners Say They're Unemployed To Get Mortgages Modified

Hey look! The new mortgage modification scheme is getting gamed by homeowners.

See, it used to be that would-be homebuyers would inflate their income and overstate their employment position to get a loan. Now it’s just the opposite.

The San Diego Union Tribune notes that homeowners are engaging in all kinds of cheats and tricks to gain access to loan modifications. These include: Fudging their pay stubs downward and claiming unemployment, even if they have a job.

Oh, and get this. The same mercenary hucksters who inflated the boom by pushing mortgages to everyone have built a cottage industry in helping homeowners game the system. Convenient how that is.

(via Market Ticker)

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.