‘Buy and Bail’ Homeowners Get Past Mortgage Hurdles

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Aug. 10 (Bloomberg) -- Bloomberg's Monica Bertran reports on “buy and bail,” the practice of acquiring a new house before the buyer’s credit rating is ruined by walking away from the old one because it’s worth less than the mortgage. The practice, which constitutes fraud if borrowers lie on loan applications, is continuing even after Fannie Mae and Freddie Mac, the biggest U.S. mortgage-finance companies, beefed up standards to prevent it. (Source: Bloomberg)


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