Home Alone: Home Mortgage Foreclosure Rescue Scams and the Theft of Equity
Nathaniel C. Nichols II
Widener University - School of Law
March 1, 2002
Journal of Affordable Housing and Community Development Law, Vol. 11, p. 280, 2002
Mortgage foreclosures caused by predatory lending and subprime mortgages seem to garner front page headlines on a daily basis. Greedy mortgage brokers, greedy banks, greedy investors, and financially illiterate consumers all share some blame for this crisis. However, the Mortgage Foreclosure Rescue Scam (MFRS) has caused a crisis of its own for decades. This article describes how MFRS works. It gives a detailed account of an actual victim of MFRS and proposes several solutions to prevent the scam, when the elderly are its target.
Number of Pages in PDF File: 23
Keywords: mortgages, fraud, foreclosure, scams, mortgage foreclosure rescue scam, consumer protection
JEL Classification: K11, K40Accepted Paper Series
Date posted: March 26, 2009
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