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Mortgage Modification Scams Targeted by US Officials
Daniel Reynolds, "Broker Executives"
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http://www.cnbc.com/id/30068875
Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.
Government officials say scammers are seeking to take advantage of borrowers in danger of default by charging them upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off.
The frauds often involve companies with official-sounding names designed to make borrowers think they are using the Obama administration's efforts to help modify or refinance 7 million to 9 million mortgages.
Officials say such operations almost always are fraudulent, and that help is available for free from government-approved housing counselors.
http://www.cnbc.com/id/30068875
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