Download or read book Mortgage Fraud and Its Impact on Mortgage Lenders written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2004 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Crisis written by David Adel and published by David Adel. This book was released on 2009-08-11 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: I am going to talk about my experiences at accredited home lenders where I was underwriting sub prime mortgages and the crazy and insane lending that I saw, things that will really shock and make you realize why we are in a complete financial mess. I will also talk about the mortgage broker world and how they made money along with the kinds of fraudulent practices that were everywhere, I will also talk about how lenders just looked the other way and funded the loans that are in default now.
Download or read book An American Epidemic written by Michael S. Richardson and published by . This book was released on 2005-11 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I wrote this book in 11/05 and who could imagine Mortgage Fraud reaching record high levels in 2008 & 2009! My book is written like it is today, the fraud schemes have changed slightly although the motives are the same! Once a white-collar criminal gets away with fraud, the process quickly becomes addictive. Success breeds more success, and before long such crafters of fraudulent mortgage loans clearly begin feeling that not only are they above the law but in fact, they are not doing anything wrong in the first place. Fraud can happen to anyone: loan officers, processors, underwriters, buyers, sellers, investors, owners, and management of mortgage companies. It can happen anywhere: big cities, small towns, storied and well-recognized firms, smaller mom, and pop businesses who just want to do the right thing for a would be homeowner or just have the need to make money. The Treasury Department provided a plan to collaborate with private funds to buy up to $1 trillion of "toxic assets." It is very unclear if these purchases will include foreclosed properties. The unlisted and unsold foreclosed homes are likely to further delay the recovery and destabilize lenders' financials further or increase the dollars needed to include the foreclosed properties. RealtyTrac states lenders may be holding up to 700,000 residential properties that are not on listed for sale yet, foreclosure properties. This supply of homes are not counted as part of the housing inventory, with 3.8 million existing homes for sale in February which is almost a year's supply of homes for sale. The foreclosure rates have remained somewhat the same recently although it could be due to government moratoriums or voluntary lender halts on foreclosures, however, eventually a large percentage of those homes will end up being foreclosed on. With that supply of existing home for sale homes and the foreclosed properties, values are going to fall further. When the foreclosed properties enter the market, the appraisals will negatively reflect values. Some of the positive news in February was that existing-home sales rose 5.1% and housing starts were up 22.2% from record lows. One of the issues surfacing is the so called specialists who are attempting to work a modification for borrowers are growing like springtime weeds most without the experience of needed to work the new programs or even understand the mortgage industry, thus fewer mortgages are actually being modified. Then there are the many new schemes these weeds (fraudsters) have developed preying on the homeowner once again. When the economy eventually picks up, many of these issues will not be as challenging to the lenders, and this leads to the concern of mortgage fraud. Mortgage Fraud continued to climb up by 26% in 2008, another record. The Suspicious Activity Reports (SARS) climbed by 44%, mortgage fraud which is the third most reported activity to Financial Crimes Enforcement Network (FinCEN) , Almost 900 filing institutions submitted mortgage loan fraud SARs and according to FinCEN, fewer than 200 institutions submitted 98% (60,800) of the total. The top 10 filing institutions submitted 57% (35,400) of these filings, compared to 30% for the top 10 filing institutions of all SARs. With fewer loan originations in the last year or so, some professionals reviewing the data may believe the increases are due to this very slow economy and shows signs of more desperation, causing more people than ever before to try to commit mortgage fraud. While that may have a some merit, mortgage fraud statistics point, clearly ,point to nothing short of an epidemic for over 5 years now or longer. Yet, really, what do we know about fraud? In fact, it is not what we know about fraud that is dangerous; it is what we do not know. What is worse is the staggering amount of opportunity with which the American real estate industry provides those who commit fraud. Clearly, the amount of money to be made in real estate both residential an
Download or read book Fraud and the Subprime Mortgage Crisis written by Tomson Hoang Nguyen and published by LFB Scholarly Publishing. This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulated financial industry. Nguyen proposes several broad recommendations highlighting the need to recognize the potential for insider fraud, enhance government regulation and oversight, tighten loan qualification requirements, and increase standards of underwriting.
Download or read book The Truth about Your Bad Home Loan written by Sandy White and published by Lulu.com. This book was released on 2008-01-08 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: If every defaulting loan followed the advice in this book, this country could avoid increases in homelessness, crime, domestic abuse, broken neighborhoods, and so much more. Keeping these families in place as long as possible, and maintaining the property, is in the best interest of the borrower, lender, neighborhoods, law enforcement and government. Sandy White offers: * State specific resources for filing complaints; * The stages of foreclosure and eviction; * Foreclosure scam awareness and the law; * An understanding of options that may help save money; * How and why you should stay in your house as long as possible. The information in this book will help get your voice heard, document your position, and possible recourse against the people that violated your trust. This book is a must read for anyone with a bad mortgage loan, industry professionals, and those seeking a future mortgage loan.
Download or read book Mortgage Fraud Securities Fraud and the Financial Meltdown Prosecuting Those Responsible written by Robert Khuzami and published by DIANE Publishing. This book was released on 2010-10 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: Certain principles are fundamental to the fair and proper functioning of our markets: that no one should have an unjust advantage; that investors have a right to disclosure that complies with fed. securities laws; and that there is a level playing field for all investors. Discusses how the SEC is moving on 5 fronts in the enforcement area to advance these objectives. Contents: (1) Recent Accomplishments and Initiatives: Mortgage-Related Cases; Accounting Fraud; Broker-Dealer, Investment Adviser, and Hedge Fund Misconduct; Insider Trading; Public Trust; Ponzi Schemes; Foreign Corrupt Practices Act; Cooperation and Coordination with Other Authorities; (2) Strengthening the Enforcement Division: Legislative Initiatives; Future Plans.
Download or read book Mortgage Fraud and Its Impact on Mortgage Lenders written by United States. Congress. House. Committee on Financial Services. Subcommittee on Housing and Community Opportunity and published by . This book was released on 2004 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Property flipping written by and published by . This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Fraud Securities Fraud and the Financial Meltdown written by United States. Congress. Senate. Committee on the Judiciary and published by . This book was released on 2010 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Fraudulent Mortgages of Merchandise written by James Oscar Pierce and published by . This book was released on 1884 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Theft by Mortgage written by Michael Burdick and published by . This book was released on 2006 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: In America, billions of dollars are exchanged in mortgages every year. Over 90% of the time the consumer pays too much.
Download or read book Mortgage Fraud written by Adrianne McCauley and published by Emerge Publishing Group Llc. This book was released on 2008-07 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Property flipping HUD s failure to curb mortgage fraud written by and published by DIANE Publishing. This book was released on with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mortgage Fraud and Predatory Lending written by Marie Spodek and published by . This book was released on 2007 with total page 105 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Chain of Title written by David Dayen and published by New Press, The. This book was released on 2016-05-17 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the depths of the Great Recession, a cancer nurse, a car dealership worker, and an insurance fraud specialist helped uncover the largest consumer crime in American history—a scandal that implicated dozens of major executives on Wall Street. They called it foreclosure fraud: millions of families were kicked out of their homes based on false evidence by mortgage companies that had no legal right to foreclose. Lisa Epstein, Michael Redman, and Lynn Szymoniak did not work in government or law enforcement. They had no history of anticorporate activism. Instead they were all foreclosure victims, and while struggling with their shame and isolation they committed a revolutionary act: closely reading their mortgage documents, discovering the deceit behind them, and building a movement to expose it. Fiscal Times columnist David Dayen recounts how these ordinary Floridians challenged the most powerful institutions in America armed only with the truth—and for a brief moment they brought the corrupt financial industry to its knees.
Download or read book Fraud and the Subprime Mortgage Crisis written by Tomson H. Nguyen and published by LFB Scholarly Publishing. This book was released on 2011 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nguyen examines mortgage fraud as an inherent part of the subprime mortgage crisis. He traces the exponential growth of mortgage fraud to the loose underwriting standards, alternative loan products, and inadequate regulation and regulatory oversight of the subprime mortgage industry. He describes the various financial crimes constituting mortgage origination fraud, a form of fraud involving fraud for profit, fraud for property, and predatory lending. The accounts of mortgage frauds by industry insiders presented in this book provide a chilling view of the criminal implications of an unregulated financial industry. Nguyen proposes several broad recommendations highlighting the need to recognize the potential for insider fraud, enhance government regulation and oversight, tighten loan qualification requirements, and increase standards of underwriting.
Download or read book Mortgage Fraud and Predatory Lending written by and published by . This book was released on 2011 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:
