Dozens of you have written reams of information on Mortgage Fraud in ActiveRain. Unfortunately they are spread across many different groups making it harder for somebody just tumbling to this issue for the first time to find them. So over the next couple weeks I'm going to find as many recent articles as I can and provide links to them here. Please feel free to provide additional links and suggestions in your comments.
Please consider joining and including your future posts on the subject to the Mortgage Fraud, Foreclosure Fraud and Elder Abuse Housing Fraud group.
The more Realtors, lenders, appraisers and escrow/title agents are aware of these scams, the better prepared we are to avoid them when they enter our markets. Then if we can just educate the general public, we might actually eliminate the problem. Well, maybe that's a stretch since there's still a sucker born every minute and two grifters to take advantage of them.
Many of these writers have multiple posts under their blog so don't be afraid to explore a little when you get there. I've included a couple older posts because some of them provide excellent background. Special thanks to Lenn Harley for the excellent compendium of posts she has done on the mortgage mess and for her patient instruction on how to do these compilations
mortgage fraud: A Recipe for Unmitigated Disaster - 11/23/07 06:13 PM Earlier today, Lenn Harley posted California Subprime Borrowers May Get Relief? - More Questions Than Answers. It's Lenn's insightful commentary to posts written by Bryant Tutas and Gena Riede concerning the frightful number of looming foreclosures in certain markets. Specifically, Gena emphasized the concerned efforts of California's governor to offer some ... (35 comments) |
mortgage fraud: The Silent Second: Unfettered Sleaze - 11/18/07 05:51 PM Silent seconds (mortgages) are seemingly gaining popularity to accommodate an exaggerated need to make "deals work." I wrote a post last week, The Cult of the Morally Deficient, in response to a loan originator's comment that he had recently confronted silent seconds in a number of proposed transactions. The comment was ... (18 comments) |
mortgage fraud: The Cult of the Morally Deficient - 11/10/07 02:02 PM There seems to be something of a "collective subconscious" among those who would perpetrate mortgage fraud. The notorious schemes of the past that resulted in "highly-publicized" criminal convictions have a strange and bothersome tendency to resurface. Most interesting is the innate quality of an illegal concept to migrate from coast to ... (41 comments) |
mortgage fraud: An Angry Consumer is a Formidable Opponent - 06/28/07 09:47 AM
I received an email recently from a woman who had read my Active Rain posts. From her message, I gleaned that a lender had taken advantage of her during a refinance transaction. I receive similar emails fairly often, but somehow this one was different. The lady's name is Paula and ... (36 comments)
For an excellent example of Angry Consumers fighting back, check this out: http://www.coreclient.110mb.com/
These are the fraudsters I have written about repeatedly in our market who made off with $12 million from their clients and more than $120 million defaulted to banks. The SEC just announced their move last week but our local DA has yet to act.
mortgage fraud: Mortgage Fraud: Email From a "Straw Buyer". Is This Guy Guilty Or Not? - 12/28/07 08:49 AM A few days ago I received this email from someone who read my series of posts on Mortgage Fraud. He says that he was duped into acting as a straw buyer. You be the judge.... "I am a straw buyer but did not know this until the so called 'investor' walked out ... (16 comments) | ||
mortgage fraud: Mortgage Fraud: Everything You Need to Know (Well, Almost Everything) - 11/16/07 07:18 AM Since beginning this series on Mortgage Fraud I have received many calls from Realtors, mortgage brokers, and victims themselves. The FBI's recent Financial Crimes Report states that mortgage fraud is a "pervasive and growing" problem in the current market climate, especially in Florida. In fact, the report singles out Florida as one of ... (10 comments) | ||
mortgage fraud: Mortgage Fraud #10: Ten Warning Signs of Predatory Lending - 11/15/07 01:48 PM mortgage fraud: Mortgage Fraud #7: Eight Common Types of Fraud - 11/07/07 08:03 AM hemet mortgage information: Mortgage Fraud: You got away with it...or DID you? - 10/01/07 01:21 AM miami real estate: How to report Mortgage Fraud in Miami-Dade County - 02/12/08 09:13 AM fraud: Mortgage Fraud .................. It Is Still Here. - 02/08/08 09:31 PM fraud: Mortgage Fraud Can Have a Negative Ripple Effect - 01/14/07 01:01 PM
Well, that should keep you busy for awhile - and gives a number of different takes on the problem. Until next time remember: Realtors are not part of the problem - we're part of the solution. Gene Wunderlich - Selling Southwest California Homes including Murrieta, Temecula and the Southern California Wine Country. Please join & post. |
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