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Five Star Mortgage, LLC
2280 Satellite Blvd.
Duluth, GA 30097
OFFICE 770.495.3516
FAX 770.495.3528
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Mortgage Fraud
The chief of the FBI´s financial crimes sector confirms that mortgage fraud is "the fastest growing white-collar crime in the United States".
Schemes vary widely, as do the participants. They included deceptive sellers, overtaxed buyers, builders desperate to unload inventory, greedy loan officers, and other housing professionals pushing iffy sales deals to get commission, plus an assortment of criminals seeking quick profits.
The losers from the fraud include home buyers, mortgage lenders and investors, plus neighborhoods skewed by inflated values that are harmed from the resulting foreclosures.
The State of Georgia passed the Georgia Residential Mortgage Fraud Act making it a felony, punishable by one (1) to ten (10) years in prison, to misstate, misrepresent or omit facts in a real estate transaction with the intent to defraud. The law provides for fines of up to $100,000 per offense if a pattern of illegality is proven.
Five Star Mortgage will not under any circumstances participate in any form of mortgage fraud.
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