On May 4, 2016, a California man was found guilty of orchestrating $31 million mortgage modification fraud scheme with more than 30,000 victims nationwide. This true story develops using the Treasury’s home affordable modification program as a backdrop for the criminal fraud. The main protagonist and his co-conspirators deceived homeowners who had fallen behind on their mortgage payments into believing their mortgages were being modified. In reality, they did little or nothing to help these homeowners.
Jorge Rivera’s investigation brilliantly captures the tragically unintended consequences of personal financial illiteracy in the United States.