RTL - New Report: Mortgage Fraud Redux
As cash flows have plunged in the pandemic shutdown, many rents have not been paid and so payments on loans have been missed and investors who own commercial mortgage-backed securities ((CMBS)) that hold loans from hotels, apartments, offices and retail stores have also not been paid their expected income (Trepp). This is half the story. The other half, according to a new whistleblower report, is that widespread banking fraud enabled many property owners to borrow more than they could afford to pay back - even before the pandemic quashed their income. See Whistleblower: Wall