Help poor people get mortgages by falsifying documents, costing the FHA less than $500k in insurance from those unable to pay. All in all 1% is not a bad rate of default. So yeah fraud is a crime but who is the victim? Bankers weren’t harmed. Homeowners weren’t harmed. FHA wasn’t harmed. Who is the victim?
Help poor people get mortgages by falsifying documents, costing the FHA less than $500k in insurance from those unable to pay. All in all 1% is not a bad rate of default. So yeah fraud is a crime but who is the victim? Bankers weren’t harmed. Homeowners weren’t harmed. FHA wasn’t harmed. Who is the victim?
People pushed into buying houses they cannot afford are also victims. Their personal finances will be wrecked even if not foreclosed.
These guys were preying on the poor and should be sent away.