“They did not tell the bank that Kofi lost his job.”
I’m not sure, but doesn’t a buyer sign a document at closing stating their financial situation has not substantially changed since loan application?
If the buyers signed such a form, wouldn’t that be fraud?
Not a lawyer, but seems pretty clear fraud, and fraudulent of a magnitude to warrant a withdrawal of whatever green card/citizenship status they’d earned. That is, if we had a properly managed government.
That’s called a liar’s loan.
Concealing material facts from the lender that could affect approval of a loan is a felony crime.
Yes, its criminal fraud to sign loan documents where you conceal facts that should they emerge, show you are in fact ineligible for the loan in the first place.
I’m surprised the Boatengs were not indicted and prosecuted for obtaining a liar’s loan.
Back when adults ran this country and our banks, there would be “income verification” for loans.
Those standards were loosened as desperate measure were employed to bolster a housing market being destroyed by low birthrates; foreigners aren’t trafficked here to work anymore, but rather to CONSUME - in housing, classroom seats, and businesses.