Mortgage Fraud - FBI Investigation

A very interesting article in The Washington Post:

http://www.washingtonpost.com/wp-dyn/content/article/2007/12/17/AR2007121701993.html

The FBI has launched a mortgage fraud task force together with federal prosecutors and law enforcement in Prince William County, Loudoun County and Fairfax County investigating mortgage fraud ...

Apparently, Rippon Landing in Woodbridge sparked this investigation because there are quite a few townhomes that were bought and sold in a relatively short period of time - for a large profit - even though the real estate market was cooling down. Now these homes are going into foreclosure.

The FBI is looking into the fraud throughout these counties and there may be a lot of people going down for the scams: mortgage brokers, real estate agents, appraisers, etc.

It'll be interesting to see how this plays out ...