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Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
All told, the number of mortgage fraud "suspicious activity reports" rose to 70,472 nationwide, a 5 percent increase over 2009. Most of those reports concerned misrepresentation on loan ...
Was the financial crisis caused by "systemic failure" or mortgage fraud? Or a combination of the two? And why are so many American homeowners still paying the price? When Travis Paules worked as a ...
The Fraud Enforcement and Recovery Act of 2009, or FERA, Pub. L. 111–21 (text), 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 fraud.
There is no legal definition in the United States for predatory mortgage servicing. However, the term is widely used [ 1 ] and accepted by state and federal regulatory agencies [ 2 ] such as the Federal Deposit Insurance Corporation , Consumer Financial Protection Bureau , Office of the Comptroller of the Currency , Federal Trade Commission and ...
Bloomberg News reports that a new form of mortgage fraud may be spreading as banks increase the use of short sales to their cut losses from the growing number of foreclosures. The practice is ...
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent. While there are no internationally agreed legal definitions for predatory lending, a 2006 audit report from the office of inspector general of the US Federal Deposit Insurance Corporation (FDIC) broadly defines predatory lending as ...
The housing market has been improving significantly for nearly a year at this point, but with those upticks in activity across the board in the last several months, it seems that instances of ...