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The Department of Housing and Urban Development is taking steps to thwart borrowers who commit mortgage fraud in order to buy another home at today\'s discounted prices then let their current residence fall into foreclosure.
Federal Housing Commissioner Brian D. Montgomery issued Mortgagee Letter 2008-25 Friday indicating the Federal Housing Administration has observed a rising number of instances where borrowers are abandoning their current residences to buy another property.
Some borrowers are choosing to relocate closer to their employment while others are taking advantage of other home buying opportunities arising in the marketplace. |
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