Buy 'n Bail

Because there just hasn't been enough fraud in the real estate market of late, the Wall Street Journal reports on a growing phenomenon of homeowners buying a second house at today's reduced prices, promising the lender that the loan payments on the second house will be financed from rent on the first house, and then walking away from the first house. Which then gets foreclosed.

If you think qualifying for home loan was difficult before, it's about to get a lot harder.

{H/T Volokh Conspiracy}