Mortgage scammers took advantage of loopholes in New York State lending laws to defraud homeowners and lending institutions all over the state, according to a new report released Thursday.

The New York State Commission of Investigations reported that the state’s mortgage borrowers need more regulatory protection from predatory lenders. It also linked subprime loans closely to New York’s growing foreclosure problem; in 2007, 59% of all foreclosures statewide involved subprime loans.

click here for article

search for : Mortgage scammers