Foreclosure Victims Beware!… Federal Agents Are Coming After You!

foreclosure-keys-notice

Investigators
are searching not only for lenders who have sold materially deficient
loans to Fannie and Freddie, but also individuals, including those who
reneged on their promises to repay their mortgages. So if you are a
“strategic defaulter” who decided it was better to walk away from your
obligation than to keep paying for a house that was worth substantially
less than you owed, it’s time to start looking over your shoulder.

These
are not just borrowers who made a personal, strategic financial
decision not to pay. In some cases, they remained in their houses for
months or even years, living free on the government’s dime — and yours
and mine — before moving on. In other instances, they profited
handsomely by renting their properties to unsuspecting tenants,
collecting rent for many months but never paying lenders.

If
there is any indication that you falsified information on your new loan
application, the OIG is “absolutely” going to refer you for criminal
prosecution, Wolfe said. “We’re not just going to demand repayment,” he
said. “We’re going to lock (people) up.”

Mortgage cops taking tough stance

Office of Inspector General on the prowl for strategic defaulters

Strategic defaulters, beware. The feds are coming for you. And they are not happy.

Not the FBI. The Office of the Inspector General at the Federal Housing Finance Agency.

The OIG may not have the same fearsome
“G-man” reputation as its better-known counterparts at the Federal
Bureau of Investigation, but it is every bit as much a law enforcement
agency, with the same powers to search, seize and arrest. Special OIG
agents are even authorized to carry firearms.

The OIG’s mission is to seek
administrative sanctions, civil recoveries and criminal prosecutions
against anyone who abuses the FHFA’s programs. And it is pursuing its
calling with passion, if not vengeance.

 

See full article HERE

 

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