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Mortgage fraud. Mortgage fraud refers to an intentional misstatement, misrepresentation, or omission of information relied upon by an underwriter or lender to fund, purchase, or insure a loan secured by real property. Criminal offenses may be prosecuted in either federal or state court, and are typically charged under wire fraud, bank fraud ...
"The FBI defines mortgage fraud as 'the intentional misstatement, misrepresentation, or omission by an applicant or other interest parties, relied on by a lender or underwriter to provide funding for, to purchase, or to insure a mortgage loan.'" [128] In 2004, the Federal Bureau of Investigation warned of an "epidemic" in mortgage fraud, an ...
The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text) (PDF), S. 386, 123 Stat. 1617, enacted May 20, 2009, is a public law in the United States enacted in 2009. The law enhanced criminal enforcement of federal fraud laws, especially regarding financial institutions, mortgage fraud, and securities fraud or commodities ...
Mortgage Wire Fraud Mortgage wire fraud is when a fraudster tricks a homebuyer into sending the mortgage closing costs via wire transfer to a fake bank account.
The reason is obvious: Mortgage servicers store vast amounts of sensitive data, including Social Security numbers and bank account data, along with borrowers’ addresses and property details.
Matthew Cox. Matthew Bevan "Matt" Cox (born July 2, 1969) is an American former mortgage broker and admitted mortgage fraudster. Cox, also a true crime author, wrote an unpublished manuscript entitled The Associates in which the main character traveled the country to perpetrate a mortgage fraud scheme similar to the one Cox ran.
The 2010 United States foreclosure crisis, sometimes referred to as Foreclosure-gate or Foreclosuregate, [ 1 ][ 2 ] refers to a widespread epidemic of improper foreclosures initiated by large banks and other lenders. The foreclosure crisis was extensively covered by news outlets beginning in October 2010, and several large banks—including ...
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination ...
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