FBI INVESTIGATING: Special Report: Flipping, Flopping and Booming Mortgage Fraud - ABC News: "It may not make the blood boil like murder or rape, but mortgage fraud is a crime that cost an estimated $14 billion in 2009 and could be hampering an already fragile recovery in the housing market. The FBI has been fighting back, assembling its largest ever team to fight it. They have their work cut out for them, though, as a tsunami of foreclosures is making classic scams easier and spawning new ones to boot.
'There's no way any property in this neighborhood should sell for that kind of money,' said Carrasquillo, standing outside the house on Wood Street in this poor, predominantly black area of Chicago's South Side. 'Even if it was in great condition.'
Carrasquillo has identified a number of properties in Back of the Yards that sold for between $5,000 and $30,000 last year and then came back on the market for up to $385,000. He said property prices are being artificially inflated, allowing fraudsters to walk away with vast profits and making it harder for honest local people to buy a home."
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