Showing posts with label mortgage_fraud. Show all posts
Showing posts with label mortgage_fraud. Show all posts
Monday, May 7, 2012
The Justice Blog Protect Yourself from Mortgage Fraud
"The distressed condition of the national housing market, paired with
high unemployment, has created a fertile environment for unscrupulous
fraudsters seeking to take advantage of desperate homeowners. Many
homeowners who turn to loan modification or foreclosure “rescue”
companies for help ultimately find that they have been scammed. An
emerging trend in recent months involves mortgage assistance relief
scams. These scams target homeowners with promises to save them from
foreclosure, get them a reverse mortgage, or lower their mortgage
payments—in exchange for an advance or monthly fee. Sadly, many of
these homeowners never get the relief they have been promised. .."Protect Yourself from Mortgage Fraud
Wednesday, August 17, 2011
FBI - Mortgage Fraud
"These scams hit us right where we live.
From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been done..."
"These scams hit us right where we live.
From foreclosure frauds to subprime shenanigans, mortgage fraud is a growing crime threat that is hurting homeowners, businesses, and the national economy. We have developed new ways to detect and combat mortgage fraud, including collecting and analyzing data to spot emerging trends and patterns. And we are using the full array of investigative techniques to find and stop criminals before the fact, rather than after the damage has been done..."
Tuesday, August 17, 2010
New Federal Reserve Mortgage Borrowers Rules
"The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a "yield spread premium"). Under the final rule, however, a loan originator may not receive compensation that is based on the interest rate or other loan terms. This will prevent loan originators from increasing their own compensation by raising the consumers' loan costs, such as by increasing the interest rate or points. Loan originators can continue to receive compensation that is based on a percentage of the loan amount, which is a common practice..."
"The Federal Reserve Board on Monday announced final rules to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. The new rules apply to mortgage brokers and the companies that employ them, as well as mortgage loan officers employed by depository institutions and other lenders.
Today, lenders commonly pay loan originators more compensation if the borrower accepts an interest rate higher than the rate required by the lender (commonly referred to as a "yield spread premium"). Under the final rule, however, a loan originator may not receive compensation that is based on the interest rate or other loan terms. This will prevent loan originators from increasing their own compensation by raising the consumers' loan costs, such as by increasing the interest rate or points. Loan originators can continue to receive compensation that is based on a percentage of the loan amount, which is a common practice..."
Wednesday, July 8, 2009
FBI Issues 2008 Mortgage Fraud Report
"According to the Federal Bureau of Investigation’s 2008 Mortgage Fraud Report, released today, mortgage fraud Suspicious Activity Reports (SARs) referred to law enforcement increased 36 percent to 63,713 during fiscal year (FY) 2008, compared to 46,717 reports in FY 2007. While the total dollar loss attributed to mortgage fraud is unknown, financial institutions reported losses of at least $1.4 billion, an increase of 83.4 percent from FY 2007.
“Mortgage fraud hurts borrowers, financial institutions, and legitimate homeowners,” said Assistant Director Kevin Perkins, FBI Criminal Investigative Division. “The FBI, in conjunction with our law enforcement, regulatory, and industry partners, continues to diligently pursue perpetrators of mortgage fraud schemes.”"
View full report
"According to the Federal Bureau of Investigation’s 2008 Mortgage Fraud Report, released today, mortgage fraud Suspicious Activity Reports (SARs) referred to law enforcement increased 36 percent to 63,713 during fiscal year (FY) 2008, compared to 46,717 reports in FY 2007. While the total dollar loss attributed to mortgage fraud is unknown, financial institutions reported losses of at least $1.4 billion, an increase of 83.4 percent from FY 2007.
“Mortgage fraud hurts borrowers, financial institutions, and legitimate homeowners,” said Assistant Director Kevin Perkins, FBI Criminal Investigative Division. “The FBI, in conjunction with our law enforcement, regulatory, and industry partners, continues to diligently pursue perpetrators of mortgage fraud schemes.”"
View full report
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