Unfortunately the guys who delude themselves that they will get away with it forever. In a rising market when there is no reason for the lenders to look back at the loans they just might. Then comes the downturn.
A guy I know had broker bring in a couple of guys who were willing to pay above asking on a multi million dollar deal on one condition. That the official purchase price would be 25% over the real purchase price. The seller walked out of the room and never looked back.