There is a Mortgage Scam that is trying to sweep the nation.  Check out the information on this Below.  There are been two articles in the Washington Post regarding this “Ponzi” Scheme.  Everyone should be aware of this so they don’t fall prey.

1st Article in the Post
[URL=“http://www.washingtonpost.com/wp-dyn/content/article/2007/08/04/AR2007080400109.html”]http://www.washingtonpost.com/wp-dyn/content/article/2007/08/04/AR2007080400109.html[/URL]

Follow up article
[URL=“http://www.washingtonpost.com/wp-dyn/content/article/2007/08/11/AR2007081100105.html”]http://www.washingtonpost.com/wp-dyn/content/article/2007/08/11/AR2007081100105.html[/URL]

Discussion on Scam.com forum website
[URL=“http://www.scam.com/showthread.php?t=27360”]http://www.scam.com/showthread.php?t=27360[/URL]

Pyramid-scam?

Yes, another one!

I guess there will always be people looking for fast, or “free” money. Just like there will always be people who have the guile and charm to talk them into thinking they can provide it.

It really does end up being a great deal for the first people into the system, those afterwards… well…

After reading both articles, the biggest surprise is that the mortgages and loans are approved. Of course the banks always have the homeowners to go after, and nobody ever accused a bank of being a “moral corporate citizen”.

Thanks for the warning though, hopefully you’ll help someone who would have otherwise fallen into the trap.