The Los Angeles Times has an interesting report today. Apparently, the FBI has seen an increase in mortgage fraud in Southern California. In fact, there is more mortgage fraud going on in SoCal, as people struggle to gain access to overpriced homes, than in any other region of the country, according to the FBI.
Mortgage fraud refers to lying about your income and assets to get approval for a mortgage you really can’t afford. The report lacks specifics on San Diego but it’s hard to imagine that this isn’t happening every day.
– CATHERINE MACRAE HOCKMUTH