DALLAS, TX -- With trillions of dollars in annual mortgage production, fraud committed on just a small fraction of mortgages winds up in the billions, according to Sam Garcia, Publisher of www.MortgageDaily.com, the dominant online news source for the mortgage industry.
Mortgage fraud perpetrators are the terrorists of the mortgage industry. They look for a hole in the home finance system -- a crooked appraiser, a flexible closing agent, an originator that turns a blind eye -- and exploit it until the well runs dry or they go to jail.
In some cases, entire networks of players participate in these schemes -- duping lenders out of millions of dollars before the fraud ring is broken up.
Often, people committing mortgage crimes carry on with the belief that the borrowers they manipulated into mortgages will pay the loans, and there will be no repercussions. But these borrowers are often incapable of making timely payments and often lose their homes in foreclosure. It's not until then that the criminal investigations begin -- landing some players in jail years after the crime was committed.
Fraud prevention begins by recognizing where a company is vulnerable to fraud, then developing policies and procedures to reduce the risk.
Recent fraud headlines include:
* FED Suspends Loan Officer
The Federal Reserve Board suspended a loan officer charged with fraud
he committed while working at another bank.
* 100+ FBI Agents Arrest Originators, Others
Prosecutors in Detroit have charged 20 people in an alleged $10 million
mortgage fraud ring that was under investigation for more than
two years.
* Criminal Charges Filed in Massive Northwest Fraud Case
The comptroller of a once "high-flying" mortgage firm in Washington
state that went under in a spectacular financial flame out is facing
criminal charges.
Read complete fraud news headlines at http://www.mortgagedaily.com/MortgageFraud.asp?spcode=pr
About www.MortgageDaily.com
Founded in 1998, www.MortgageDaily.com is the dominant online news source for the mortgage industry. More than a half million mortgage business news pages are viewed monthly at www.MortgageDaily.com and its affiliates, http://www.mortgagechronicle.com/ , a free mortgage industry publication; http://www.mobilemortgagenews.com/ , which provides trade news for portable devices; http://www.closerblog.com/ , with stories about selling more; and http://www.fraudblogger.com/ , which chronicles mortgage fraud crime cases. Business Week magazine featured www.MortgageDaily.com in an article about its sensational news coverage.
Contact:
Carmen Garcia
214.521.1300
3811 Turtle Creek Blvd.
Suite 700
Dallas, TX 75219
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Source: www.MortgageDaily.com
CONTACT: Carmen Garcia, www.MortgageDaily.com, +1-214-521-1300
About This Release
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