Let's mix tax and mortgage fraud and see how bad that can be.

The latest: People are amending their 2008 tax returns to show that they've bought a home and are entitled to the $8,000 first-time homebuyers tax credit.

But they haven't bought a home.

They did, however, get a big fat check, because that tax credit is refundable.

A local mortgage processor tells me she seen loan applications from five families that have done this.

The first-time homebuyers tax credit covers any home purchased by Dec. 1 this year. So these families could indeed get a home by the deadline and everything would be OK. But I have a feeling that wasn't the point.

If they don't, they probably would have to repay the tax credit. And, they could be in legal trouble, too, for filing a false tax return.

Meanwhile, some of these folks have such poor credit, they're not going to qualify for a mortgage. Now or in December.

Dangerous game they're playing.