Mortgage Fraud Increasing

Mortgage fraud, a crime that declined 56% after 2006, made a 17% rise last year. About $14 billion worth of loans last year were made with bogus information. Crooks now steal identities or find unscrupulous loan officers to pull off the crimes, since regulations for mortgages tightened up after the crisis hit.

Mortgage fraud shows up in banks' balance sheets when they are forced to write off the loans' value.

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  • by Daryl Location: Kinston on Aug 31, 2010 at 11:39 AM
    How about I should be president. It will solve all the problems. I can make this nation better than it ever was.
  • by Back Location: Gvlle on Aug 30, 2010 at 02:02 PM
    WHAT!? was it not the dems who said, anyone should be able to own a nice home? Was it not the dems that MADE it possible for anyone to get a home loan? Was it not the dems that twisted the arms of the major banks to make loans with NO down payment and let borrowers borrow MORE than 100% of the home value? It sure as heck was. People need to know who's fault it was/is as to not make the same mistake again. How's that change going for you folks now? Well one thing is for sure; according to these numbers fraud was DOWN under bush but now they're up under obama. Can we please blame something on obama now. Yea I know; wishful thinking on my part. Bush will always be blamed until he's dead and buried. Yea, you're right again; they'll still blame him and the great messiah, the muslim, will alwayas get a free ride. Disgusting!!!
  • by Sick of it Location: Rocky Mount on Aug 30, 2010 at 12:56 PM
    Mortgage fraud has been around is not to be blamed on the Republicans or the Democrats. I am so sick of this blame is idiotic. Get over it and let's move on to help all of America. It's disgusting how Americans are treating each other because of the race of the really has nothing to do with Democrat or Republican, truth be told.
  • by Obama Snake Oil Co Location: Washington on Aug 30, 2010 at 10:44 AM
    Sounds like Barney Franks and Christopher Dodd are up to their old corruption. The day will come when some of you realize, these are the too behind the banking failure and the very high bonuses paid. Democrats helping democrats. You cannot blame this on Bush when he tried to put a stop to it and failed....because the houses were run by democrats in control...

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