Mortgage Fraud
Reports of mortgage fraud rise 42% in 2007
According to the Financial Crimes Enforcement Network, the most common type of mortgage fraud was misrepresentation of income or assets, followed by forged documents, misrepresentation of a borrowers' intent to occupy a property as a primary residence, occupancy fraud and inflated appraisals, the government said in an analysis of the report.
“The most common type of mortgage fraud was misrepresentation of income or assets” Who are they kidding??? “Stated income loans” invited these lies – how in the world can it now be considered mortgage fraud? There is so much “real” mortgage fraud, why bother with buyers who lied on their loan application? – the lending institution “invited” the lie – they wanted the loan and the fee income it generated so that they could then package it and sell it – like a hot potato!
According to the Financial Crimes Enforcement Network, the most common type of mortgage fraud was misrepresentation of income or assets, followed by forged documents, misrepresentation of a borrowers' intent to occupy a property as a primary residence, occupancy fraud and inflated appraisals, the government said in an analysis of the report.
“The most common type of mortgage fraud was misrepresentation of income or assets” Who are they kidding??? “Stated income loans” invited these lies – how in the world can it now be considered mortgage fraud? There is so much “real” mortgage fraud, why bother with buyers who lied on their loan application? – the lending institution “invited” the lie – they wanted the loan and the fee income it generated so that they could then package it and sell it – like a hot potato!
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2/11/2009 6:13 AM
Los Angeles Real Estate Blog wrote:
It happened the last Saturday of January; my phones were ringing off the hook; same thing last Saturday; Sunday's are quieter. But the bottom line is we are going to have a good spring, there is pent up demand and potential home buyers want to become buyers. Real estate headlines:*The good news is that a home price bottom is expected by year-end, according to one of the nation’s most respected economists. The bad news, at least for current homeowners, is that prices are set to fall another 11 percent before stabilizing. Since their peak in 2006, home prices have ...
The thing about foreclosures is that somebody wins and somebody loses. And guess who's left holding the bag at the end of the dance...WE ALL ARE. Wake up people and realize that it's all of us taxpayers cleaning up this mess.
Regards,
Rob Lawrence
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