It can't happen here ... mortgage fraud Archives
It can't happen here ... mortgage fraud
Not irrelevantly, my wife and I are going to look at a bank-owned foreclosure property tomorrow night, selling for 100K less than both its county assessment and the most recent (100%) refinance. The house next door, I've discovered from the public records, which had a different owner, has also been foreclosed upon. Bank-owned properties are suddenly popping up in the MLS all over Northern Virginia. [Note: This is not a recommendation to buy now if you're looking for a "good deal." It's way too early in the cycle for that.]
"The Housing Bubble--A Credit Bubble," by David Bernstein, The Volokh Conspiracy, April 10, 2007
In national surveys, Georgia has been identified as a fraud hot spot. But Fulmer says that is because people there have become so aggressive about identifying the problem. She says she wonders how many homeowners across the country bought in neighborhoods where values were driven up by fraud but don't know it yet.
"It happens everywhere and anywhere," said Fulmer, who is now vice president of Interthinx, an anti-mortgage-fraud company. "If the true scope was discovered, I think it would cause a major crisis."
"Housing Boom Tied To Sham Mortgages: Lax Lending Aided Real Estate Fraud," by David Cho, The Washington Post, April 10, 2007
- "Subprime Mortgages: Primer on Current Lending and Foreclosure Issues," by Edward Vincent Murphy, CRS Report, RL33930, March 19, 2007 (12-page pdf )
- "Alternative Mortgages: Risks to Consumers and Lenders in the Current Housing Cycle," by Edward Vincent Murphy, CRS Report, RL33775, December 27, 2006 (26-page pdf )
- Mortgage Fraud Blog
- FlippingFrenzy.com, Articles about Real Estate and Mortgage Fraud
- "Mortgage fraud growing," by Chris Bagley, The Californian, March 10, 2007
- "Valley fighting mortgage fraud wave," by Catherine Reagor, The Arizona Republic, January 20, 2007
- "Mortgage Loan Fraud," Financial Crimes Enforcement Network, November 2006 (21-page pdf )
- Mortgage Fraud - FBI report: "Financial Crimes Report to the Public Fiscal Year 2006"
- Mortgage Fraud - FBI report: "Financial Crimes Report to the Public," May 2005
- StopMortgageFraud.com - from the Mortgage Bankers Association
- "The Bonnie and Clyde of mortgage fraud: A master con artist and his partner went on a six-state crime spree, ripping off homeowners, stealing identities and defrauding lenders," by Marcia Vickers, Fortune, November 4, 2006
- "Mortgage fraud -- the worst crime no one's heard of," by Carol Lloyd, San Francisco Chronicle, October 29, 2006
- "Fraud booms with mortgage market," by Edward Iwata, USA Today, October 4, 2005