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Beware of New Mortgage Scam

La Opinin, Posted: Jul 16, 2009

LOS ANGELES -- An editorial in La Opinin warns readers about a new mortgage scam perpetrated by many of the same lenders who used to broker subprime mortgages: the service of interceding with banks on behalf of borrowers to modify mortgages and save their homes. The scammers disappear once they have collected fees from borrowers. These "loan modification" con artists, have been making money from the desperation of tens of thousands of people with troubled mortgages. According to figures from the FBI, there were 63,713 such cases recorded in fiscal 2008, an increase of 36 percent over the prior year. California Attorney General Jerry Brown filed suits against scamming operations in Los Angeles and Orange Counties on Tuesday.

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