HUD Issues Cautionary Notes on ‘Buy And Bail’ Scam, and Treble Damages
October 11, 2008
The FHA is urging lenders to be vigilant in fighting a new mortgage scam that appears to be taking root in the market: homeowners who buy a new house as their principal residence and then default on the mortgage on their previous home. In Mortgagee Letter 2008-25, the Department of Housing and Urban Development warns FHA lenders about the “buy and bail” scheme in which...
Some SWFs in other countries have extensive ownership interests in major corporations and sweep much of their profits into state coffers.
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