Thanks for the post.
Anyone who thinks this stuff is all in the past should check out recent sales on the south and west side of Chicago. In MLS market area #8061, for instance, there are a bunch of frame two units "selling" in the mid 350s. As part of a review I did some research and found most of the properties were bought and sold by the same "holding" companies, share the same listing agents, have mortages well over 300K and don't appear to have ever been occupied. Don't know if they were fraudulent, but they certainly don't appear to have been "typical" transactions. Be careful out there.