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Fraudulent lenders and other criminals have adapted to the digital world, costing loan scam victims billions of dollars. The Federal Trade Commission (FTC) estimates losses to consumer fraud in ...
Callers spoof the caller ID number of the victim's actual lending institution, swindling money from those seeking financial relief. FCC warns of 50-state scam by fraudsters posing as mortgage ...
Around 15% of American households fell victim to a financial scam in 2023. American consumers lost a total of $8.8 billion to fraud and scams in 2022. Scams are everywhere these days, and...
The con relies upon the truth that commercial lending and insurance, despite third-party appraisals and due diligence research, are based ultimately on trust between lender and borrower. The function of the scam is simple -- the grifters generate phony documents that show the applicant borrower meets or exceeds capital liquidity requirements ...
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
If the lenders offer to give you nearly 100 percent of the home's value, and/or give you a low interest rate, he says, that could easily be a scam. 4. Hire a lawyer.
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