Mortgage Fraud Is on the Rise
Mortgage fraud — which peaked in 2006 — rose 17 percent last year after falling 57 percent in the prior two years, reports CoreLogic.
Analyzing about 7 million home loans made by hundreds of lenders, the research firm found that $14 billion in loans were originated with fraudulent application data in 2009.
Lenders have tightened criteria and look more closely at mortgage applications since the collapse of the real estate market; but fraudsters now are relying more on falsifying documents, recruiting loan officers and other bank insiders to work for them, and stealing identities to get loans.
Source: The Wall Street Journal, Robbie Whelan (08/23/10)
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