The collapse of the bubble has created a situation where, at least as far as real estate is concerned, there is nothing left to steal.“Equity stripping is largely a thing of the past because there’s no equity to strip,” said [DOJ official] Perez.H/T Daily Caller
“Equity stripping” is a scam where con-artists persuade confused or ill-prepared people to sign home-loan contracts that transfer the property rights. Victims — often old or ill-educated — are left without their homes, but with much new debt.
Instead of equity stripping, the con artists are moving to new areas, Perez said.
Sunday, May 6, 2012
"Equity Stripping" scams on the decline
Real estate scams are apparently on the decline as the real estate bubble continues its collapse: