/biz/ - Business & Finance

>>16664483
https://nypost.com/2008/09/24/illegal-aliens-the-mortgage-mess/

This article cites one case of a fraud ring with 58 mortgages where they were on average roughly $100K loans. But keep in mind that one individual can get multiple fraudulent loans.

Also, people were doing this with HELOCs, where inflated housing values let them extract up to 125% of the home's then-current market price. If they bought it a few years earlier, even intending to be legitimate, and rode the bubble up, they could cash out easily $100K just from a HELOC and then default and jump the border.

My HELOC was for $125K and the bank kept coming after me to refinance it so I could get an even bigger line of credit. Thing was, I didn't need it. Also, I wasn't a scumbag illegal.