How Income Fraud Made the Housing Bubble Worse (IMAGE)

Princeton School of Public and International Affairs

How Income Fraud Made the Housing Bubble Worse

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New Princeton-University of Chicago research reveals that, in low-income zip codes, IRS-reported incomes and earnings reported on mortgages in fact differed wildly from 2002 to 2005. The researchers place the blame for falsified earnings listed on mortgage applications -- which the researchers call

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Photo credit: Ticiana Jardim Marini, Woodrow Wilson School

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