A THEFT FROM YOUR GOVERNMENT IS A THEFT FROM YOU. So read the stern red-and-white warning signs put up by federal officials on thousands of abandoned homes across the U.S. The signs are meant to discourage vandals, but in fact the houses themselves have all too frequently been used and discarded in a loan-fraud scheme that costs the Federal Housing Administration—and U.S. taxpayers—dearly. Last week the Department of Housing and Urban Development, which oversees FHA operations, estimated that since 1968 the Government has lost $1.4 billion on the foreclosure and resale of...
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