Mortgage paperwork mess: Next housing shock? Scott Pelley reports how problems with mortgage documents are prompting lawsuits and could slow down the weak housing market
The FBI considers two types of mortgage fraud. fraud for property involves an applicant making misstatements like embellishing income and concealing debt to get a loan. The second type, fraud for profit, is a bigger problem with elaborate schemes involving falsified appraisals and loan documents and techniques like straw buyers, identity theft and shell companies.
Should real estate agents disclose murder? Someone dying in a home does not need to be disclosed during a sale: including suicides, accidents, or violent crimes (yes, even if it was murder). This has been codified in state law. Experts.
· After the beginning of the modern subprime market in 1995, default rates on subprime mortgages rose steadily, from around 10 percent in 1998 to almost 15 percent in early 2002, as a result of the economy’s weakening early in the decade after the.
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Mortgage fraud has become more prevalent over time and is a particular concern during an economic recession. Upheaval in housing markets, homeowners facing foreclosure and unscrupulous persons looking for easy money all contribute to a climate in which mortgage fraud may occur. The FBI defines mortgage fraud as "any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan."
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In September 2004, the FBI reported that there was a "growing epidemic" of mortgage fraud in the country that could eventually cause the collapse of the housing market. No one paid much attention.
The FBI investigates mortgage fraud in two distinct areas: Fraud for Housing and Fraud for Profit. Fraud for Profit is sometimes referred to as ”Industry Insider Fraud” and the motive is to remove equity, falsely inflate the value of the property or issue loans based on fictitious properties.
Michigan AG questions banks compliance with national mortgage settlement Frequently Asked questions attorney general Bill Schuette is working hard to ensure Michigan citizens have all the. The settlement requires the bank mortgage servicers to provide the participating states, including Michigan, up to $25 billion dollars in monetary sanctions and relief.. Michigan Attorney General Home Protection Unit – $6.
chief of the FBI’s economic crimes unit in Washington. As the nation’s housing crisis worsens, there has been a dramatic spike in the number of mortgage fraud cases under investigation. An agency.
· FBI Releases 2010 Mortgage Fraud Report August 16, 2011 by JP The alphabet soup of mortgage fraud information – FBI (Federal Bureau of Investigation), DOJ (Department of Justice), NMFWG (National Mortgage Fraud Working Group), NBFWG (National Bank Fraud Working Group), HUD OIG (Housing and Urban Development Office of Inspector General) and my.