I have been very fortunate to have reporters quote me accurately. But this is stretching it – Forbes called a few weeks ago looking for my thoughts, and while I did say the things below, I said, “I don’t do loan mods, you need to speak to people that do them”.
Today they have this on their website:
In his 25 years as a real estate agent, Jim Klinge has seen plenty of borrowers try to work the system, especially in subprime-scourged North San Diego, where he works and lives. Like many in his industry, he says the Obama administration’s $75 billion loan modification plan is giving rise to another bout of fraudulent mortgage activity. “With all certainty, it’s being gamed,” he says.
I don’t have any specific examples of people doing fraudulent acts to obtain loan modifications. I would think that an in-depth story would state specific examples from those employed in the business. If you can’t find any, then don’t use just the thought as a headline.
The link to the full article: