Swindlers Find Growing Market in Foreclosures

[Telly Savalas]

Source: NY Times

As home values across the country continue to plummet, the authorities say a new breed of swindler is preying on the tens of thousands of homeowners desperate to avoid foreclosure.

Until recently, defrauders tried to bilk homeowners out of the equity in their homes. Now, with that equity often dried up, they are presenting themselves as “foreclosure rescue companies” that charge upfront fees to modify loans but often do nothing to stave off foreclosure.

The Federal Trade Commission brought lawsuits last year against five companies representing 20,000 customers, and state and local prosecutors have brought dozens more. In Florida, Attorney General Bill McCollum recently sued a company that he said had more than 600 victims.

“There’s no way for the consumer to sort out the legitimate companies,” said Mr. McCollum, who added that he had limited resources to fight what he called “a sheer volume question.”

...

Read more: http://www.nytimes.com/2009/01/15/us/15mortgage.html?_r=1&hp

[booley]

1. And they said Bush didn't create any jobs!

HAH! IN YOUR FACE LIBS!

WHy do you think they are called "CONS"?