Tag Archives: mortgage fraud

California’s Attorney General Increasingly Active On Mortgage Fraud

You’re getting a lot of attempts at committing mortgage fraud these days because the stakes are huge and the odds of getting caught are small. The odds of getting caught are not low because of lack of attention from California’s … Continue reading

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Mortgage Fraud Rampant

Why is there so much mortgage fraud going on? Because the rewards are high while the risks of getting caught are low. We don’t know the total cost of such mortgage frauds, but they run to at least $10 billion … Continue reading

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Was HAMP Designed To Help Homeowners?

What is HAMP? It is President Obama’s Home Affordable Modification Program. It was a major mortgage modification scheme that was successful about one-tenth as many homeowners as predicted. Banks have not been eager, in general, to modify mortgages and to … Continue reading

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Mortgage Fraud Grows As Economy Falls

Law enforcement have put increasing resources into investigating mortgage fraud ever since the housing crash of 2007. Now the economy is cratering again and law enforcement are putting in more efforts to crackdown on fraud. Thousands of borrowers are having … Continue reading

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Let’s Blame The Auditors For The Housing Crash

Surely the auditors knew that something was amiss at Fannie Mae and Freddie Mac? Well, they did. The Bush administration worked hard to get these mortgage giants under control, but Barney Frank and other politicians blocked this adult supervision. As … Continue reading

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Still Looking For Culprits In The Financial Crash Of 2008

The biggest culprits of the financial crash of 2008 were the politicians who forced lenders to lower lending standards and forced banks to open branches in areas where they did not want to do business and to lend to people … Continue reading

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Fannie, Freddie Asleep At The Wheel When It Comes To Mortgage Fraud

The two giant GSEs did not alert federal regulators to reports they received on mortgage fraud. The WSJ reports: The federal regulator for mortgage giants Fannie Mae and Freddie Mac was tipped off to allegations of fraud at mortgage lender … Continue reading

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Fannie Mae, Freddie Mac Slow To Report Fraud

GSEs like Fannie and Freddie don’t have the same incentives as a private company. If Fannie and Freddie screw up, they just get bailed out by the taxpayers. Investors in Fannie and Freddie accept lower returns in exchange for the … Continue reading

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CA’s Mortgage Fraud Strike Force

California’s Attorney General is eager to marshal all the weapons at her disposal to crack down on mortgage fraud. California has been particularly hard hit by mortgage scammers and by the housing crash. Subprime mortgages were particularly popular in California … Continue reading

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California Launches A Mortgage Fraud Taskforce

Mortgages are particularly susceptible to fraud because they are so complicated that ordinary people don’t understand them. They don’t understand what they are signing up for. And they are vulnerable to being taken advantage of. Lenders like to keep the … Continue reading

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