Yes, for a residential mortgage loan. The first line of the Hud Form 1003 Residential Loan Application states:
"A material false statement on this application is punishable by up to 30 years in prison and a $1,000,000 fine."
In the 2008 housing crash over 10 million Americans were guilty of this and the Obama administration decided to not prosecute anybody. In recent years everybody who was guilty of this has been prosecuted due to the fact that it wiped out the entire world economy in 2008.
In your experience, is this something that people faced consequences for?
Yes, for a residential mortgage loan. The first line of the Hud Form 1003 Residential Loan Application states:
"A material false statement on this application is punishable by up to 30 years in prison and a $1,000,000 fine."
In the 2008 housing crash over 10 million Americans were guilty of this and the Obama administration decided to not prosecute anybody. In recent years everybody who was guilty of this has been prosecuted due to the fact that it wiped out the entire world economy in 2008.