02 Mar Proverbs 28:3
A rich man who oppresses the poor is like a devastating rain that leaves no food. Proverbs 28:3. As I was surfing through my Bible the other day I ran across this passage. The immediate picture that came to mind was the mortgage crises that is currently taking place. I continue to be overwhelmed watching the unraveling of entire the mortgage industry.
On Rachel Dollar’s Mortgage Fraud Blog there is a new fraudulent item being identified almost daily. The fraudulent activity appears to be conducted by everyone from real estate agents, to brokers, lenders and everyone in between. Mortgage fraud is so wide spread that the FBI has ongoing articles outlining their investigations. Some people are so bold in their efforts to commit fraud that they publish articles on the Internet. Read the NY Times article Web Help for Getting Mortgage the Criminal Way. How long will this crisis last?
I don’t think that any one person has an answer to this question. The “devastating rain” or plague has spread so far that that the effects have reached far beyond the sub prime mortgage market. Only time will reveal the damage done by the greed of the mortgage industry devouring the debtors in its path.
If you think you have been a victim of mortgage fraud contact your local FBI Office immediately.
Written by Kansas City Bankruptcy Lawyer, Rachel Lynn Foley.