How illegal is it to lie during a business transaction?

Question

And shouldn't the punishment fit the size of the lie?

That is, if there's any punishment at all since I'm talking about how real state agents and their mortgage and appraisal teams went around lying through their teeths about the value of a home so they could accumulate as many refinancing and sold deals.

Are these folks being punished? Is there a need for it?

If they're not being punished why shouldn't they get punished and, in fact, return the money they took from unsuspecting customers?

Answer 1

I think they are already being punished. Because of the down trend in real estate with all the loan defaults happening, these folks have been downsized meaning they have lost their jobs. Congress needs to pass a bill making sure this never happens again.

Answer 2

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Answer 3

They didn't take money from unsuspecting customers; they gave it to people who took out a second mortgage on their house.  The ones who lost money where those who invested in the banks who issued the loans.

As far as punishment, banks' shareholders are getting punished for their fraudulent lending and homeowners are still on the hook for the money they borrowed.