NY tops nation in mortgage fraud

http://www.crainsnewyork.com/article/20100426/REAL_ESTATE/100429880/1059

mortgage fraud is a great crime to committ. Only in extreme cases does the perpetrator get prosecuted.

Of course, none of these cases will result in foreclosure or short sales in Manhattan -- because the coops were there to check everyone's finances (including those that bought in condos).

I guess the real question is why we are rising to the top just now. I suspect that rampant fraud is the last bit of juice in the bubble runup in a local geography -- and Manhattan got this juice after everything else started to collapse? The implication is that we get to deal with it now.

smdh..