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April 17, 2007 at 8:51 AM #50340
AK
Participant

I’ve read about at least one set of prosecutions / convictions for “cash back at closing” abuse:

http://www.mortgagefraudblog.com/index.php/weblog/permalink/oklahoma_jury_convicts_six_in_cash_back_at_closing_scheme/

Apparently Arizona is catching on as well:

http://www.azcentral.com/arizonarepublic/news/articles/0120mortgagefraud0121.html

Nothing on it locally though. I guess we Californians have to wait until Citigroup, Bear Stearns, Goldman Sachs, and the other MBS bagholders reinvent themselves as “victims” of mortgage fraud.