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Lenders have tightened the rules, but crooks are finding new ways to steal, including identity theft.
The end of the real estate boom hasn’t ended one unpleasant byproduct: mortgage fraud.
Attempts by lenders to tighten standards haven’t ended fraud, but just forced crooks to find new schemes.
“There were plenty of opportunities for fraud on the way up and there are plenty on the way down,” Clifford Rossi, a former chief credit officer at Citigroup and a teaching fellow at the University of Maryland, told Reuters, which did a special report on mortgage fraud.
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