Mortgage fraud is the thing to do now'

The Chicago Tribune reports:

A white-collar crime wave is raking Chicago's poorest communities, robbing vulnerable families of their homes and draining billions of dollars from the U.S. economy.

During the last five years, as home loans became easier than ever to get and identity theft blossomed, mortgage fraud surged.

FBI officials say it now threatens to become a national financial epidemic. Gang members call it "the new street hustle."

"If you are still making money selling drugs, you are an informant or about to be busted. Mortgage fraud is the thing to do now," said convicted identity thief Christopher Scott in a prison interview.

Mortgage swindlers buy buildings dirt-cheap or use brazen cons to gain control of people's homes. They apply for hefty mortgage loans, take the cash, then disappear, leaving empty buildings and destitute victims in their wake.

One sign that the top in the real estate market can't be too far away.