Here they go again ... the real - Mercedes-Benz Forum

 
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post #1 of 4 (permalink) Old 12-04-2008, 10:28 PM Thread Starter
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Here they go again ... the real

estate industry and again the feds are going to tolerate it for the sake of the general economy.

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Mortgage fraud, late payments rising
Mortgage fraud incident reports had increased 42 percent in this year's first quarter, compared with the first quarter of 2007.

Nationally, more than 65 percent of fraud incidents in the first two quarters were categorized as general application misrepresentation of the buyer's true name or assets. Among the other more common mortgage fraud cases were misrepresentation of income, appraisals, employment history, and debt and assets.
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post #2 of 4 (permalink) Old 12-04-2008, 10:38 PM
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estate industry and again the feds are going to tolerate it for the sake of the general economy.
Quote:
Mortgage fraud, late payments rising
Mortgage fraud incident reports had increased 42 percent in this year's first quarter, compared with the first quarter of 2007.

Nationally, more than 65 percent of fraud incidents in the first two quarters were categorized as general application misrepresentation of the buyer's true name or assets. Among the other more common mortgage fraud cases were misrepresentation of income, appraisals, employment history, and debt and assets
While I understand the misrepresentation side of this equation, equal responsibility should be shared by the lender who failed to do simple verification.

When you apply for a mortgage you sign a form that allows the lending institution to access your tax returns, you provide employment verification or tax documents for proof of employment, employment history can be gleaned by both credit bureau and direct contact/written request.

The appraisal is the COMPLETE responsibility of the lending institution as it complete credit verification and asset/title checks.

This article also expresses the OUTRAGE of Trans Union. Well, they are the collector of the data. Are their datasets flawed? Are their clients utilizing them? Seems like they are very interested in quickly blaming the borrower instead of saying that the lenders FAILED to check YET AGAIN.

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post #3 of 4 (permalink) Old 12-05-2008, 04:45 AM
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Did you read the comments? This one was an interesting point but it's hard to imagine that there are that many people who had the same idea at the same time.

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Originally Posted by escapedfromcity
12/4/2008 3:40:59 PM
Did you ever stop to think that people are preparing themselves to qualify for the upcoming handouts from Obama? As he keeps insisting that we need to rescue the homeowner, and homeowners are watching legislative efforts that clearly indicate a requirement to be 2 or 3 months behind, if follows that people are putting themselves in this situation in order to qualify for a reduction in their principal balance. Again the taxpayers (the honest ones) are going to foot the bill for the less motivated. Can you say "Socialism?"

Quis custodiet ipsos custodes?

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post #4 of 4 (permalink) Old 12-05-2008, 11:24 AM
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Did you read the comments? This one was an interesting point but it's hard to imagine that there are that many people who had the same idea at the same time.
I don't think that the folks that are intending to game the system are thinking their cunning plan through.

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