Lillie Mae Washington | FORECLOSURE FRAUD | by DinSFLA

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A 96-Year-Old’s Mortgage Fraud Nightmare

A 96-Year-Old’s Mortgage Fraud Nightmare


Lillie Mae Washington may have been conned into an outrageous mortgage by a firm that had its license revoked. Ocwen Financial wants to evict her anyway.

Mother Jones-

There is a term of art that was often used during the mortgage boom: “I’ll be gone, you’ll be gone,” or “IBGYBG.” In the mortgage business, it meant that however bad or risky or outright fraudulent a mortgage was, the person who originated it didn’t have to worry—he’d have sold it and moved on long before the borrower was the wiser. The people to whom broker sold the mortgage wouldn’t be held responsible, either—after all, they weren’t responsible for the fraud.

[MOTHER JONES]

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