‘No payment’ foreclosure scam

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Good morning. Fox 11 has a foreclosure scam story that’s worth watching this morning. Reporter Gina Silva profiles ‘real estate consultant’ Raul Altamirano, whose advice to would-be real estate investors includes: ‘When you don’t make the payment, you should be very, very happy! ... I didn’t make the payment, and I’m still here!’ A couple of alleged victims tell how they followed Altamirano’s advice, borrowed against their home equity, and invested money with Altamirano, never to see the money again. This abandonded blog appears to have been started by Altamirano, who declined to comment when approached by Fox 11.

I know some of you will take the view that only an idiot would fall for this kind of scam. Perhaps. But the scam could only exist in an environment when lenders fought for the chance to make loans to these people.

Your thoughts? Comments? E-mail story tips to [email protected].